Singapore Airlines is to replace Singtel as the title sponsor of Singapore's Formula One race.

The airline has signed a two-year agreement to sponsor the event, which takes place each September around a floodlit circuit in the Marina Bay district of the city state.

This year's race, on 21st September, will be officially known as the '2014 Formula 1 Singapore Airlines Singapore Grand Prix'. No financial details were revealed but the sponsorship is certain to be worth a multi-million dollar sum.

“We are thrilled to be taking up the title sponsorship of one of the most exciting races on the Formula One calendar, and we are especially pleased to be doing so in the lead-up to Singapore’s 50th birthday next year,” said Singapore Airlines chief executive, Goh Choon Phong.

“Singapore Airlines has always supported the development of both sports and tourism. Through our involvement with the world’s first Formula One night race we will be able to enhance both for the benefit of Singaporeans and visitors alike.”

Singapore has hosted a Grand Prix each year since 2008, with the evening event quickly becoming one of the sport's most popular races for VIPs and sponsors. Telecoms firm Singtel had sponsored the event up until 2013.

Formula One Group chief executive Bernie Ecclestone added: “We are very happy to have Singapore Airlines join the Formula One family."

Singapore Airlines becomes the fifth airline sponsor in Formula One. Qantas is a longstanding title sponsor of the Australian Grand Prix, Etihad Airways title sponsors the event in Abu Dhabi, Gulf Air supports the Bahrain Grand Prix and Emirates is in its second season of central Formula One sponsorship, which grants it extensive trackside branding at most races.

souce: sportspro