F1 profits to go to Govt
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In TODAYS' dated 21 May 2007
Any profit above 50 million (from F1 race) will flow into the govt's funds to help sustain future F1 races...
And if there are loses, the organiser will bear the full cost.
Sad... win the govt wants a share, lose and the govt wants nothing to do with it. -
Typical isn't it? That immediately puts a hard cap on how much the organisers can earn.
Regardless of how much effort I put in, can only take back XXX amount as profits.
Govt should just charge a Flat fee per season or per race and be done with it. -
expected la.
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That's the way they are and this explains why people can never stop talking about the ruling party is greedy for $$$. "buay pai seh" don't provide $$$$ for the F1 yet wanna the profit, so how are they going to convince the public that they are not greedy of $$$$. So what is the difference between them and those gangsters who demand protection money from the ordinary people?Originally posted by sir sickolot II:In TODAYS' dated 21 May 2007
Any profit above 50 million (from F1 race) will flow into the govt's funds to help sustain future F1 races...
And if there are loses, the organiser will bear the full cost.
Sad... win the govt wants a share, lose and the govt wants nothing to do with it. -
Govt's fund = Minister's pockets?
We seriously need balance and checks...
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You wanna volunteer to do the check? If you are going to do so, be prepared to pack and get out of Singapore. Look what happened to our dear late Mr Ong Teng Cheong.Originally posted by Trump_Card:Govt's fund = Minister's pockets?
We seriously need balance and checks... 
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Wat i mean is:we need to vote in more opposition..Our late Mr Ong got my respects man....Originally posted by rane:You wanna volunteer to do the check? If you are going to do so, be prepared to pack and get out of Singapore. Look what happened to our dear late Mr Ong Teng Cheong. -
do sons and daughters of ministers study in local UNIs?
they must be hyprocrites if they send their children overseas...especially the education minister. -
60% of the cost now to held F1 the gov pay wor ...
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I used to think that getting more opposition is a good idea but if the ruling party outnumber the opposition nothing is going to change. Don't think the number of opposition parties will bemore than the ruling party. As long as we have the ruling party as our gahmen, nothing much will change to make our life better in Singapore. Wanna change, let's all be bold to vote for a change and so we have a change in ruling party in time to come!! This is possible but think it will not happen so soon. Sad!!Originally posted by Trump_Card:Wat i mean is:we need to vote in more opposition..Our late Mr Ong got my respects man.... -
The govt cannot implement a policy if say 30%(i dun know the exact no.) of the MPs objected to it...So wat makes u say voting in more opposition is useless?Originally posted by rane:I used to think that getting more opposition is a good idea but if the ruling party outnumber the opposition nothing is going to change. Don't think the number of opposition parties will bemore than the ruling party. As long as we have the ruling party as our gahmen, nothing much will change to make our life better in Singapore. Wanna change, let's all be bold to vote for a change and so we have a change in ruling party in time to come!! This is possible but think it will not happen so soon. Sad!! -
Whatever - I don't trust the ruling party at all, anything can change any time!!!Originally posted by Trump_Card:The govt cannot implement a policy if say 30%(i dun know the exact no.) of the MPs objected to it...So wat makes u say voting in more opposition is useless? -
From Lianhe Wan Bao
Cost of staging one F1 race in Spore $150m
STB co fund 90m
Ong beng seng 60m
Earnings
Govt tax on hotel room revenue 20m
Tourism industry earnings 100m
On paper loss 30m
Unless 30m come from:
1. Rights to broadcast events/sponsorship fees
2. Ticket sales
3. F1 mechandise sales
Disadvantages
Public roads (Malaysia has race circuits)
Narrow
Night racing(require losts of lighting) -
The difference? The fascists have the legitimate right to monopolise this particular industry...Originally posted by rane:So what is the difference between them and those gangsters who demand protection money from the ordinary people?
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They support this as they see it as profitable and they stand to benefit from it. So it is $$$$ again.Originally posted by walesa:The difference? The fascists have the legitimate right to monopolise this particular industry... -
They support this as they see it as profitable and they stand to benefit from it. So it is $$$$ again.Originally posted by walesa:The difference? The fascists have the legitimate right to monopolise this particular industry... -
You guys think or even hope that whatever profits they reap will be for us??? -
it'll be hilarious if the profits were... $50,000,003.12 or something like that
btw, will the glass around the area be able to handle the sonic assault of the F1 engines??Originally posted by sir sickolot II:In TODAYS' dated 21 May 2007
Any profit above 50 million (from F1 race) will flow into the govt's funds to help sustain future F1 races...
And if there are loses, the organiser will bear the full cost.
Sad... win the govt wants a share, lose and the govt wants nothing to do with it. -
hmmmm
there is no free lunch in this world! -
Not if you're one of the elites... -
What's new?
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on hindsight, given the STB pumped in so much cash, I guess it is reasonable to expect some profits from the F1 races to flow back to govt
However, I agree with the fact some checks and balances got to be there to ensure the money goes into the right fund. and not some deep pockets of you-know-who -
I think there is nothing the government can do to avoid being criticised by the people in this forum, because it is just so typical of Speaker' Corner.
Suppose if there is no cap on OBS's company's earning from F1, do you have reason to believe that Singaporeans will be happy to see OBS making millions at the expense of the tax payer's money that government has contributed to this project?
Plus I am sure speculation about OBS using PM Lee to pull string will pop up in this forum, and they will link this back to an event which happens many years back about PM Lee or LKY buying an apartment from HPL at heavily discounted price. -
Break, break.Originally posted by the Bear:it'll be hilarious if the profits were... $50,000,003.12 or something like that
btw, will the glass around the area be able to handle the sonic assault of the F1 engines??
Then we see who will pay for the damages. -
no more profitsOriginally posted by charlize:Break, break.
Then we see who will pay for the damages.