Earlier this week, Ecclestone was quoted as saying by the local media broadcaster MediaCorp that SingTel has just signed a 2-year extension to their current deal.
“We agreed terms with SingTel for the renewal of their contract for a further two years,” said the F1 boss, according to the aforementioned source. “We have companies worldwide that wish to have association in Formula One and I always prefer to have local sponsors for the title sponsorship.”
Today however, a spokesman for the Singapore-based company begged to differ, saying that SingTel is indeed in talks to secure a multi-year extension for title sponsoring the event, but nothing has been signed just yet.
“We are still in discussions with F1 management regarding the sponsorship of the Singapore grand prix,” he said, according to the local media.
According to a report from the GMM news agency, citing an industry expert from Singapore, it is believed the value of the future contract is somewhere in between $10 to 15 million.
“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.
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