Singapore GP hikes ticket prices as crisis looms

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. Consider this a smart move or a dumb idea?

The highest-end corporate packages for the September race will range from $5000 to $8000 Singapore dollars, citing "indicative pricing details" given to corporate clients. A three-day trackside corporate suite package for last year's race ranged in price from $3500 to $7500 Singapore dollars.

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.