It was recently revealed that negotiations are ongoing over the extension of Singapore's hosting rights for the Formula One race (No disrespect shown to Malaysia: Bernie; May 2).

As someone who has been attracted to the annual Singapore Grand Prix, I have perceived a diminution in spectators' interest, both locally and regionally.

Conceptually, the event has met its principal objective of drawing global attention to our island state, in terms of tourism.

But its importance has begun to wane.

Projects such as the upcoming Jewel at Changi Airport will enhance air travellers' perspectives of Singapore for years on end.

Economically, the revenue gained from hosting the annual motor racing event has not been commensurate with the high expenditure incurred.

The race also commands no large-scale local interest.

It is, therefore, timely to save the money on hosting rights and channel it to other areas, such as the development of local football.

Joseph Hooi Liang Kee