SingTel may return as title sponsor for Singapore Grand Prix 2013

As in the past five years - SingTel could return as the title sponsor for this year's Formula One night race and according toThe Business Times, an announcement pertaining to the issue will be made soon.

With slightly more than two months before the Grand Prix weekend, the telecommunications firm and race promoter Singapore GP (SGP) have been in negotiations as early as February. "We are still in discussions and expect to make an announcement soon," said a SingTel spokesman according to the business daily.

The race is currently being marketed as the 2013 F1 Singapore Grand Prix without a headline sponsor on publicity materials and the official website.

SingTel has been the title sponsor for the past five years and despite the lack of official figures, it is believed the title sponsorship came in to $10-15 million per year. With the race extended till the 2017 season it is unsure if SingTel will commit for the whole period.

Deemed as one of the crown jewel races by F1 supremo Bernie Ecclestone, the Singapore Grand Prix had a TV viewership of 360 million worldwide over 2008-2011, with the first four races boosting the tourism industry by bringing in over 150,000 tourists.

It is believed the Singapore Grand Prix costs up to $150 million annually to organise - split 60 and 40 percent between the Government and hotelier Ong Beng Seng.