Singapore Airlines will resume as the title sponsor of the Formula 1 Singapore Grand Prix race for three years

Singapore Airlines (SIA) will go on as the title sponsor of the Formula 1 Singapore Grand Prix race in the Republic for three additional years, beginning from the 2022 race which will be held from Sep 30 to Oct 2, the national airline said in a press release on Saturday (May 14).

The Singapore Grand Prix is one of Formula 1’s premier and most-anticipated events, as drivers race through the Marina Bay Street Circuit against the spectacular backdrop of the city’s night-time skyline.

Declaring the move in a media statement, SIA executive VP of commercial Lee Lik Hsin said the extension “complements the expansion of (the airline’s) global network and will bolster Singapore’s recovery as a key international air hub”.

SIA first signed on as the title sponsor in 2014, and in this manner expanded the game plan in 2018 and 2020 for two years respectively.

The race this year will be held from Sept 30 to Oct 2.

SIA first signed as the title sponsor for the race in 2014 for four years, and afterward broadened its sponsorship two times, in 2018 and 2020, for two years in each instance.

The latest move will imply that the F1 race held in Singapore will have SIA as its title sponsor until 2024.

The new extension will see SIA stay on as the title sponsor of the Singapore Grand Prix until the 2024 race.

The race was previously sponsored by Singtel from its inaugural edition in 2008 until 2013.

The Singapore Grand Prix is set to return after a two-year absence because of the COVID-19 pandemic.

An agreement for Singapore to have Formula 1 races for an additional seven years was signed in January this year. This was the fourth agreement renewal for Singapore, and the seven-year extension is the longest for the competition to date.

In January, race organizers Singapore Grand Prix and the Singapore Tourism Board declared that the Republic will keep on host F1 for seven more years, until 2028, in its longest contract extension.

The decision follows a two-year break for F1’s return to the Marina Bay Street Circuit because of the Covid-19 pandemic, which additionally prompted different race cancellations somewhere else all over the world.

On Saturday, Mr. Brandon Snow, F1’s managing director of commercials, said the sport is satisfied with SIA’s decision to broaden its title sponsorship, adding that the Singapore Grand Prix is the “original F1 night race” and a famous Formula One event loved by fans and drivers.

SIA first signed as the title sponsor in 2014 for four years, and along these lines expanded it in 2018 and 2020 for two years respectively.

“This year’s race will see further use of renewable energy and sustainable materials, and the commitments from Singapore Airlines towards sustainable aviation fuels reflect the continued alignment between all partners and Formula One in reducing environmental impact,” said Mr. Snow.

“This year’s highly anticipated Formula 1 Singapore Grand Prix will be an important milestone for Singapore, marking the return of a major international sporting event to the city after a two-year disruption due to the pandemic,” said SIA’s executive vice president for commercial Lee Lik Hsin.

Mr. Brandon Snow, managing director of commercial for Formula 1, said: “We are pleased that Singapore Airlines will continue to be the title sponsor of the Singapore Grand Prix for another three years.”

Mr. Snow said that the Singapore Grand Prix “is the original F1 night race” and “an iconic Formula 1 event loved by fans and drivers”.

In January, the Singapore Tourism Board and race organizers Singapore GP declared the Republic will keep on hosting the night race until 2028. This is the fourth and longest contract renewal.

SIA’s initial partnership was believed to be worth between $10 million and $15 million annually, and apparently $10 million per year for the next two years. The worth of the latter terms isn’t known.

The national carrier racked up $4.27 billion in net loss during the year up to March 31, 2021, as air travel ended totally. In February, the group divulged a profit of $85 million for the third quarter finishing Dec 31, 2021, their first quarterly profit since Covid-19 struck.

Yet, with limitations steadily being lifted globally, Deloitte South-east Asia sports business group leader James Walton felt SIA’s renewal seems OK in a restricted pool of Singapore brands that could do with international exposure.

He said: “It’s in SIA and the government’s interest to get Singapore back on the map as an international travel hub, as a tourism destination, or as a fly-through location on to Australia or the rest of Asia. This is key to the Singapore economy and SIA’s recovery.”

Around 1.14 million travelers passed through Changi Airport in March, the first time the one million mark was crossed since borders were closed two years ago because of Covid-19.

Walton added: “As people are traveling again and thinking about who they travel with, SIA is a candidate… It is a very sophisticated organization in terms of how it looks at marketing ROI and how it makes sure it gets the benefits of any sponsorship.

“It obviously believes there is a significant opportunity, and with Formula 1 being sold out all over the world so far this year, it seems there is a resurgence in the sport which SIA can benefit from.”