SIA to stay title sponsor of Formula 1 Singapore Grand Prix till 2019
The Formula One Singapore Grand Prix will continue to ride on the wings of Singapore Airlines (SIA) for a further two years till the 2019 edition, the national carrier announced yesterday.
SIA first came on board as title sponsor of the night race in 2014 for two years, before extending for another two.
A deal to keep the Singapore GP on the F1 calendar for another four years was struck before last year's race, but SIA's status as title sponsor had been up in the air.
SIA chief executive officer Goh Choon Phong said: "The night race is the highlight of Singapore's sporting calendar, and we are thrilled to continue as its title sponsor.We look forward to showcasing this event to the world and enhancing both tourism and sports for the benefit of Singaporeans and visitors alike."
The price tag for the deal is estimated at $10 million to $15 million for each edition, according to past reports.
National Institute of Education assistant professor and Institute on Asian Consumer Insight fellow Leng Ho Keat said the move makes sense for both sides.
Said Dr Leng: "Both SIA and F1 cater to the upmarket consumer segment, and they can leverage on this overlap in their marketing strategy."
The tie-up has seen SIA offer all-in-one travel packages comprising airfare, accommodation and admission to the Marina Bay Street Circuit, for example.
This year's edition will take place from Sept 14 to 16.
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