Singapore and F1 sign new 5-year contract Bernie Ecclestone, owner of Formula One, ended months of uncertainty over the future of the motorsport in Singapore after sealing a last-minute deal with the Singapore government that ensures the city's floodlit Grand Prix will run until 2017. Both sides had been locked in talks over extending a contract, first signed in 2008, under which the Singapore government pays Mr Ecclestone a fee to stage the event. It is the only Grand Prix on the Formula One calendar to take place at night, timed to coincide with lucrative prime time TV slots in Europe. At stake had been a reported S$50m (US$41m) fee that the Singapore government and race promoter Singapore GP pay the rights holder, Formula One Administration - owned by Mr Ecclestone. The three-day event costs about S$150m a year, with that split 60-40 between the Singapore government and Singapore GP, a company that organises the event. This includes an array of entertainment and musical acts, which boost ticket revenue, providing a return to Singapore in addition to corporate sponsorship of the event. A deal to extend the contract for a further five years was struck late on Saturday and announced at a hastily-convened press conference as the night's qualifying laps on the 5km circuit were about to start. However Mr Ecclestone declined to reveal the terms of the deal, saying: "A gentleman should never speak about money and last night." Colin Syn, vice-chairman of Singapore GP, said the deal had been done "at the last minute." It had not been clear until late in the day wether the two sides would reach agreement. "There was a lot of give and take," he told the Financial Times. S Iswaran, second minister for trade and industry in the Singapore government, said the negotiations had "taken some time because all parties had very specific objectives and wanted to arrive at a mutually beneficial outcome." Mr Syn said that as part of the new agreement the race format would remain the same but there might be some changes later to improve the track. Two-time world champion driver Sebastian Vettel on Saturday said a notorious corner dubbed the "Singapore Sling" near the city's cricket club was one of the most unsafe in Formula One and called for urgent remodelling. This year's race culminates on Sunday with Britain's Lewis Hamilton leading the pack in qualifying laps, ahead of Pastor Maldonado and Sebastian Vettel.