Singapore GP is unlikely next year

SINGAPORE (Reuters) -- Singapore's chances of hosting its first Formula One race next year look remote because organizers and the government cannot agree on how to fund the $70 million event, a local newspaper reported on Thursday.

Quoting a source familiar with the talks, the Straits Times said negotiations between Singapore tycoon Ong Beng Seng, who controls resorts developer Hotel Properties, Formula One supremo Bernie Ecclestone and the city-state's government were stuck.

"He (Mr Ong) wants the government to foot a large part of the bill, but the government thinks that it is unwise," the newspaper quoted its unidentified source as saying.

A second source told the Straits Times that Singapore, which wants to host a grand prix to boost tourism and jazz up its image, is negotiating for better terms from Ecclestone, because holding a possible night race would be more expensive.