I hope Singapore will not renew the Formula One contract, as it does not make economic sense, not to mention the inconvenience the event causes to a lot of Singaporeans ("Consider huge costs of F1 race" by Mr Loong Chik Tong; "Has F1's crown jewel lost its lustre?" and "Some businesses see lower gains from race"; all published on Nov 23).
Each F1 race brings in incremental tourism receipts of $150 million, while it costs a similar amount to host each race. That does not sound like a good investment.
While one could make the argument of the intangible benefits that hosting the F1 brings to Singapore, such as putting us on the map of global sporting events, the costs far outweigh the benefits.
The Government shouldn't continue to subsidise the costs of the race. Instead, the private sector should take it up if companies can find a way to negotiate a profitable deal with F1 organisers.
Yeo Chee Kean