Singapore telecommunications company SingTel has renewed its naming sponsorship of the Singapore grand prix for 2009.

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 added.

 

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