Zoom SingTel in for the long haul with Formula One

Singapore telecommunications company SingTel has renewed its naming sponsorship of the Singapore Grand Prix for 2009.

The island city-state's current contract with Formula One is for five races beginning with last year's floodlit event, but SingTel had inked only a single-race deal.

The local Straits Times newspaper estimates the cost of the deal at (US) $10 million.

SingTel Chief Executive Allen Lew said the decision to stay with the event was ‘relatively simple’.

"Sponsorships are like capital investments - you don't get returns on year one. You have to persist with it for a period of time," he said.

Source: GMM
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