Singtel, sponsor of the Singapore Grand Prix since the race’s inception in 2008, has renewed its contract to be title sponsor of the race for a further two years. The decision comes ahead of the worldwide launch of ticket sales for the 2011 race on Thursday.

The deal is thought to be worth around US$4 million a year, though the agreement has been struck with Allsport Management, which handles Formula One’s major commercial rights from Switzerland, rather than with local race organisers.

Bernie Ecclestone, chief executive of the Formula One Group, said: “We are delighted that Singtel will be continuing as the title sponsor of the Formula One Singtel Singapore Grand Prix. As a Singapore company which has grown to become a key player in the world of telecommunications and multimedia, Singtel is the ideal naming rights sponsor for this innovative and prestigious round of the FIA Formula One world championship.”

Announcing the news Singtel chief executive Chua Sock Koong announced several innovations for this year’s race, most notably including the ability to watch the race on a variety of platforms connected to Singtel. He said: “Now into our fourth year of this partnership, we will continue to achieve amazing things at record speed to bring the best to our customers in Singapore and around the world.

“This year will also be the year that we will be creating several ‘firsts’ to bring alive the Grand Prix experience, which we hope will dazzle both Singaporeans and visitors – whether they are big fans of the sport or not.”

This year’s Singapore race takes place on Sunday 25th September with an 8pm local start-time.

Source: SportsPro