Oct.29 (GMM) Singapore telecommunications company SingTel has denied it has agreed a deal to extend its naming sponsorship of the city-state's night grand prix.

"We agreed terms with SingTel for the renewal of their contract for a further two years," F1 chief executive Bernie Ecclestone was quoted earlier by the local media broadcaster MediaCorp.

The news had followed rumours during Singapore's third F1 event in September that SingTel was considering ending its association with the grand prix.

"We have companies worldwide that wish to have association in formula one and I always prefer to have local sponsors for the title sponsorship," added Ecclestone.

A spokesman for SingTel told us on Friday: "We are still in discussions with F1 management regarding the sponsorship of the Singapore grand prix."

An industry expert said SingTel would be spending $10-15 million on the deal.

"I don't know what the cost is but I am sure somebody in SingTel must have done a cost-benefit analysis," said Nervik Singh, chief executive of the marketing communications company Grey Group Asia Pacific.

Latest F1 News - Mobile version

26 Feb: New Ferrari not quickest in field - Domenicali 26 Feb: Red Bull still best in 2013 - Tost 26 Feb: 2014 French grand prix 'possible' - Prost 26 Feb: Danica Patrick 'not interested' in F1 switch 26 Feb: Report - Gilles Simon working on F1 engine for Honda 26 Feb: Gutierrez plays down link to Carlos Slim 26 Feb: Caterham exhaust 'legal' insists van der Garde 26 Feb: McLaren replaces Mercedes-bound Lowe 25 Feb: 'Engine maps' trouble for Red Bull, Lotus - report 25 Feb: Mercedes-bound Lowe to miss 2013 opener - report 25 Feb: Mercedes 'in group of teams' behind Red Bull - Lauda 25 Feb: Gutierrez expects Hulkenberg to beat him early in 2013 25 Feb: New Ferrari 'much better' than 2012 - Massa 25 Feb: Teams 'will adapt' to new tyre situation - Gutierrez 25 Feb: Tight rules make today's F1 cars 'the same' - Forghieri 25 Feb: Williams removes controversial exhaust trick 25 Feb: Contract 'conflicts' cause of Marussia test snub - Razia 25 Feb: Lotus to fight Red Bull for title - Gutierrez 25 Feb: Marussia 'ahead of Caterham' - Chilton 25 Feb: Sutil will not stay in F1 as test driver The latest F1 News - Mobile Version