Singapore yet to agree contract extension

The Singapore Grand Prix remains with just one year left on it's contract, with a new deal yet to be agreed.

However, talks reportedly took place over the weekend regarding a renewal.

"I think in due course you will hear more about it," a government official had said.

But trade and industry minister S. Iswaran admitted that any potential new deal has to take into account Formula One's new owners.

"It's an early stage in the new configuration of F1, so we have to give them (time) to settle down and think it through in terms of what they would like to put forward," he told the Straits Times newspaper.

"I don't want to put a timeframe to it, to be fair the transaction (F1 sale) is still ongoing, so I think you need to give them time to settle down and have the transaction completed," Iswaran added.