Property tycoon Ong Beng Seng has been tipped as front-runner in the race to get the nod from Formula One Management (FOM) to hold the island's first F1 race. But so far the low-profile hotelier has not said a word.

The other person linked to the F1 bid, Arthur Tay of SUTL Group, developer of the luxury marina at Sentosa Cove, has also stayed silent publicly, though some people swear he has secured the commercial rights.

The only public announcement so far has been to the contrary. Mr Ong's listed vehicle HPL has categorically said it is not involved in the F1 deal.

Yet there is every reason to believe a deal is almost in the bag and that it is Mr Ong, who is close to FOM supremo Bernie Ecclestone, who will clinch it.

Even though HPL is not involved, this does not mean Mr Ong has bowed out. He is known to have stakes in many private companies and may be steering one of them towards the chequered flag.

So back to the official announcement and why it is stuck in the pits. No one is willing to come out and admit it, but the reason is probably money. F1 is notorious for not being a money-spinner for any party involved, except Mr Ecclestone.

The sanction fee - the amount paid for the right to stage a race - is said to be about US$35 million payable upfront. Then there is the actual cost of staging the race itself - possibly another US$35 million - plus other terms and conditions, like the control of TV rights by Mr Ecclestone.

All these can leave an organiser with a serious financial headache. Look no farther than Melbourne or Sepang, both of which have lost millions of dollars staging F1 races. But both agree that the payback has to be measured in less quantifiable terms, like the enhanced image of the country and its promotion internationally as a tourist destination.

Cost factor

These things, too, are the reasons for Singapore's high-revving attempt to land a slot on the F1 calendar. The government has accepted that a race is not a money-making proposition, so it has promised to underwrite half of the cost.

But for a savvy businessman like Mr Ong, half of the cost could also mean half of the loss - something he would be loathe to bear.

And Mr Ecclestone is not the only one who drives a hard bargain. Government agencies here are known to be hard-nosed and calculative.

So when it comes to turning a profit, Mr Ong could be stuck between a rock and a hard place.

On the other hand, with so many government ministers hinting at an impending deal, there is probably no backing out now. So it's not so much whether a race will happen but how.

The devil is likely to be in the detail, not just all the fine print in a commercial agreement but how an F1 novice like Singapore is going to get all the mechanics and logistics right.

It is challenging enough to run a race on a purpose-built track like Sepang, but a Singapore race would be on a street circuit, with so many seating and safety issues that one can only imagine the complexities involved.

The only sure thing now is that a Singapore F1 race will happen when it happens.