SHANGHAI - Shanghai is considering axing the loss-making Formula One Grand Prix after its contract runs out in 2010, a senior official told AFP.
Mr. Qiu Weichang, deputy director of the Shanghai Administration of Sports, said a decision would be announced next year.
‘We’re doing the assessment. By next year we should be able to give you an answer,’ he said in an interview late on Thursday.
China’s biggest city spent US$240 million (S$363.5 million) on the state-of-the-art Shanghai International Circuit and hosted its first Formula One race in 2004.
But the event has been plagued by poor ticket sales and Mr. Qiu said its fate was in the balance.
‘We want to create a win-win situation, for our side and for Bernie (Ecclestone) and the F1 organisers as well,’ he said.
‘If this is something we can do, and our cooperation is very happy and smooth, we will consider it.
‘Of course we would like at least to break even. But there are two factors, one is the assessment the other part is the win-win situation that we can create.’
Mr. Qiu was also cool on the idea of night racing, which Formula One chief Ecclestone is pushing in Asia as a way to boost European TV audiences.
Singapore held the first night Grand Prix in September.
‘In Singapore... holding the event at night is a good way to attract tourists to a small country,’ he said.
‘It’s obviously enlightened us quite a bit but we will decide based on our own situation what we’re going to do to attract fans.
‘I think Singapore is hosting this event in their own unique way but we have our own situation.’
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Shanghai may axe F1
14 November 2008
SHANGHAI - Shanghai is considering axing the loss-making Formula One Grand Prix after its contract runs out in 2010, a senior official told AFP.
Mr. Qiu Weichang, deputy director of the Shanghai Administration of Sports, said a decision would be announced next year.
‘We’re doing the assessment. By next year we should be able to give you an answer,’ he said in an interview late on Thursday.
China’s biggest city spent US$240 million (S$363.5 million) on the state-of-the-art Shanghai International Circuit and hosted its first Formula One race in 2004.
But the event has been plagued by poor ticket sales and Mr. Qiu said its fate was in the balance.
‘We want to create a win-win situation, for our side and for Bernie (Ecclestone) and the F1 organisers as well,’ he said.
‘If this is something we can do, and our cooperation is very happy and smooth, we will consider it.
‘Of course we would like at least to break even. But there are two factors, one is the assessment the other part is the win-win situation that we can create.’
Mr. Qiu was also cool on the idea of night racing, which Formula One chief Ecclestone is pushing in Asia as a way to boost European TV audiences.
Singapore held the first night Grand Prix in September.
‘In Singapore... holding the event at night is a good way to attract tourists to a small country,’ he said.
‘It’s obviously enlightened us quite a bit but we will decide based on our own situation what we’re going to do to attract fans.
‘I think Singapore is hosting this event in their own unique way but we have our own situation.’
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