Formula One chief Chase Carey praised the Singapore Grand Prix on Wednesday, suggesting that the Southeast Asian country will continue to host the race beyond this year.
The Singapore Grand Prix joined the Formula One calendar in 2008 as the sport's first night race.
This year's Singapore GP takes place from the 15 to the 17 of September.
Speaking on the sidelines of the All That Matters (Sports Matters) conference at the Ritz Carlton Hotel on Wednesday (Sept 13), the American media mogul said: "We are actively engaged with our partners (in Singapore), our goal is to reach a new deal".
Reiterating his optimism that Formula One will be back here next year, even though an asterisk accompanies the Singapore date on the 21-event roster for 2018, he said: "You can never rest on your laurels, so I think you've got to continue to find ways to make it fresh, make it new, so I think we have to continue to work".
McLaren are strongly rumoured to be on the verge of going with Renault engines rather than Honda's, whose power units have been notoriously unreliable and under-powered.
"We're having positive discussions and it's certainly our goal to iron out a deal that works for both of us", Carey said.
While Carey remained coy on the details that needed ironing out and a timeline to conclude talks, he lavished praise on the event that is into its final year of a previous deal.
"Singapore is one of the gateways into Asia and it's incredible story of growth in the last 50 years had captures the world's attention".
'We are in discussion with Formula One on the term renewal for F1 and are carefully considering several issues.
The Singapore's Ministry of Trade and Industry confirmed that the negotiations are on.
On the track, the new owners will also emphasise development of the GP2 and GP3 series to raise the next generation of drivers.
"It used to be saying 'no' to everything, but now, we say 'yes' to a lot of things".
"We had a race in Korea, we had a race in India, but they were very much one-offs, deal of the day, as opposed to a commitment to really build and grow a sport", he said.
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