New contracts have reportedly been agreed by the organisers of the Belgian and Singapore Grands Prix to continue to host Formula One.

Singapore officials have agreed a five-year extension to a contract due to expire after this year's race, although a two-year option was in place.

Formula One chief executive Bernie Ecclestone was quoted in the Singaporean press as saying: "Everything that was in the way of the Singapore Grand Prix continuing for another five years has been cleared.

"I'm happy this is out of the way because Singapore has been good to Formula One and the night race has been equally good for Singapore."

Meanwhile the Belgian Grand Prix seems to have been secured for a further three years according to the Minister of economy for Wallonia, the region in which the Spa-Francorchamps circuit is located, Jean-Claude Marcout.

The race has walked a financial tightrope for some time but Marcout said of the new contract: "What I wanted to do was reduce the size of the expenditure in the budget of the Walloon region and when comparing what was taken in the previous contract and the new, I would say it is mission accomplished."

Belgium had been expected to cut costs by entering into a race share with a revived French Grand Prix at Paul Ricard, but that plan appears to have fallen by the wayside as the new French government ponders its investment strategy in sport.

source: SportsPro