Sep.22 (GMM) Singapore has inked a new contract to remain on the formula one calendar.

There had been some doubt the race organisers would agree Bernie Ecclestone's sanctioning fee demands for a new deal beyond this weekend's highly popular night race.

But the F1 chief executive said at the official announcement on Saturday: "We are here for another five years".

Ecclestone admitted the negotiations had been "difficult", because everyone in the entire sport "without exception likes being here".

Tourism minister S Iswaran said Singapore has indeed managed to reduce the financial impact of the event by agreeing a "revised" fee.

"We eventually got there," agreed Ecclestone.

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