Singapore: Singapore Grand Prix organisers have refuted comments by the sport's supremo Bernie Ecclestone that the city-state had essentially agreed to extend its hosting rights for a further five years.
Ecclestone had been quoted to say that "all obstacles preventing the deal from going through have been resolved" and that a new five-year agreement was ready to be signed.
However, Singapore GP said that while it has received a formal renewal notice from F1's commercial rights holder, it was not satisfied with the terms and said talks "are still ongoing."
It was reported earlier that a new five-year agreement was ready to be signed between Singapore GP and F1.
"What is presently on offer from Formula One Administration is insufficient for us to commit to a full five-year extension," the statement read.
The initial five-year deal for F1's only night race is due to expire after this year's grand prix in September, with negotiations for an extension having been going for almost a year.
"Singapore GP has been in talks to cement terms that offer commercial viability," the statement read.
The amount Singapore pays to host a grand prix is reportedly around $40 million per year, which is far higher than that paid by some other countries, including neighbouring Malaysia.