Organisers of the Singapore Grand Prix have dismissed Bernie Ecclestone's claim that a new five-year deal has been agreed.

Following the F1 supremo's 'confirmation' to Singapore's Today newspaper that the Grand Prix would be continuing for another five years, the organisers, Singapore GP (SGP), were quick to put out a statement denying the new agreement.

"What is presently on offer from Formula One Administration is insufficient for us to commit to a full five-year extension," they said, according to Reuters. "We remain hopeful at reaching an outcome that is mutually beneficial to all parties."

It understood that the sticking point, which Ecclestone previously claimed had been resolved, is money, SGP seeking a deal that offers "commercial viability for the full five years".

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Singapore organisers deny talk of new agreement

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