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.