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.
This weekend marks the 10th Singapore Grand Prix - the last under the night race's existing contract.
The race, which takes place on the floodlit Marina Bay Street Circuit that winds its way through the heart of Singapore against a backdrop of glittering skyscrapers, remains one of the most glamorous on the 20-round calendar.
"We are actively engaged with our partners (in Singapore), our goal is to reach a new deal".
"Last year was the first time I was here and I thought it was spectacular", said Carey.
Crowds, which topped 100,000 on all three days in the first year, in Singapore have declined, with last year's race averaging 73,000 spectators for each day, down from 87,000 in 2015.
'We are in discussion with Formula One on the term renewal for F1 and are carefully considering several issues.
"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".
The Singapore's Ministry of Trade and Industry confirmed that the negotiations are on.
In the F1's provisional 21-race calendar for 2018, the Singapore round is marked as 'subject of confirmation'.
Liberty's plans include potentially forming American, European and Asian sections of the season.
"We will re-energise TV coverage with graphics and sounds, and make the sport more understandable".
"I'm not going to speak for Honda".
Carey also said he supported a revamp of F1's system of penalties, after laughable scenes in Italy when nine drivers were sanctioned a total of 150 grid places, mainly for technical infractions. "In business, it is best if those details are held in private and only when we've reached the end point do we describe how we got there", Carey said at the conference. "But certainly a signature race for Asia, a signature race for us globally and it's great to be here".