Tuesday, July 3, 2007

Singapore Funding

While Mr. Ecclestone -- is busy plundering various countries over who will pay the most to the pied piper for a shot at a Formula 1 calendar spot. .
In its bid to improve its image, while keeping up with the Joneses… Err, India, Valencia, etc. The Singapore government has revealed that it will pay up to 60% of the funding for the newly granted Grand Prix race awarded by Emperor Bernardo.

The interesting part is that there’s a “profits” cap in place for the private side of the race financiers. With a further hotel tax being levied upon the beneficiary hotels that will make attending the race quite prohibitive. Yet Singapore is intent to use the newly granted Formula 1 race to showcase its city and hopefully attract tourism…