The announcement came after major events around the world, including the 2020 Summer Olympics in Tokyo, Coachella, and Baselworld, have been cancelled.
“The last few months have been extremely challenging on all fronts, and we have now made this difficult decision which Formula 1 and our stakeholders accept we have had to take,” says Colin Syn, the deputy chairman of Singapore GP.
Citing health and safety reasons for staff, volunteers, crew, and spectators, as Singapore GP’s top priority, Syn expressed disappointment that Singapore will not be able to host the race this year.
“We look forward to welcoming fans to the race next season and wish the Formula 1 community well as it starts its season in July,” Syn adds.
In a separate statement, Formula One says it is confident to hold between 15 to 18 races by the time the season concludes in Abu Dhabi in mid-December this year. It expects to publish the finalised calendar before the season starts in Austria.
Singapore Airlines (SIA), who is the title sponsor of the Formula One Singapore Grand Prix, recently secured $10 billion from its rights issue and secured and unsecured credit facilities.
Last September, SIA said it would extend the title sponsorship of the event for another two years to 2021. SIA signed on as the Singapore race's title sponsor in 2014, and has since renewed the deal every two years.
As at 3.31pm, SIA shares were changing hands 1.9% down at $4.12.
