Singtel clinches title sponsorship of S'pore F1 race

Singtel clinches title sponsorship of S'pore F1 race
By Marc Lim

THE world's first Formula One night race will be known as the SingTel Singapore Grand Prix.

Singapore telco SingTel on Friday announced that it had secured the title sponsorship of next year's inaugural Singapore F1 race on Sept 28.

SingTel's Group CEO Chua Sock Koong said the telco was delighted at being a part of history, lending their support to not only Asia's first street race, but the world's first F1 race under the stars.

Said Ms Chua: 'We constantly strive to be at the forefront of our business and the association with this world-first puts the spotlight on our always being at the leading edge through constant innovation.'

SingTel declined to reveal the length of the sponsorship deal. It also did not comment on how much it was worth.

However, The Straits Times understands that about US$10 million (S$14.5 million) was needed to secure the naming rights of the historic race.

The average cost of an F1 race's title sponsorship is about US$8 million.

Spanish bank Banco Santander reportedly forked out US$5.4 million to be given the naming rights of this year's British Grand Prix.

Dutch financial institution ING is also believed to have upped Foster's US$4.5 million annual investment substantially to take over this year's Australian Grand Prix.

Analysts said that it was understandable that the Singapore race would attract a bigger sponsorship, given the novelty of it being the sport's first night race.

Sources added that the goal was always to get a Singapore brand behind the Singapore race.

F1 supremo Bernie Ecclestone welcomed the news. He added that the sponsorship would 'give SingTel the platform to achieve global recognition of their brand'.

Added Ms Chua: 'The world is watching and this is a great event upon which to position the SingTel brand on an international level, as well as reinforcing Singapore's image as an exciting global city.'