Singapore GP to hike corporate ticket prices

[Guest Archer]

Crazy! i'm not going this year if they raise individual prices lor...bladdy bastards

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SINGAPORE, Feb 2, 2009 (AFP) - The Singapore Grand Prix plans to increase prices for trackside corporate suites during this year's Formula One event despite a worsening global economic crisis, a newspaper reported Monday.

The highest-end corporate packages for the September race will range from 5,000 to 8,000 Singapore dollars (3,300 to 5,300 US), The Business Times reported, citing "indicative pricing details" given to corporate clients and obtained by the newspaper.

A three-day trackside corporate suite package for last year's race ranged in price from 3,500 to 7,500 Singapore dollars.

A spokesman for the Singapore race promoters told AFP they expected to comment on the report later Monday.

Singapore's first Grand Prix event last year was also the sport's first to be held at night.

Banks were key buyers of the corporate suites, to which they invited their top clients in what they described as a show of appreciation.

The worst global economic crisis since the Great Depression of the 1930s has accelerated since late last year, leaving the city-state and other key global economies in recession.

Formula One itself has faced pressure to reduce the sport's mind-boggling budgets during the crisis, which forced the Honda team to withdraw from racing.