Two days later, a new deal was announced, and Carey said: "The Singapore Grand Prix is a signature Formula 1 race and therefore we are very pleased that it will continue to feature on the calendar for a further four years".
The announcement, prolonging the distinctive night race which has been dubbed F1's "crown jewel" and the "Monaco of the East", comes after neighbouring Malaysia made a decision to cancel its grand prix, citing rising costs.
Singaporean Minister of Trade and Industry S. Iswaran stressed the "significant benefits" that the race has generated for the country and for the sport.
"Over the past decade the Singapore race has introduced many innovative elements and become an iconic and highly anticipated event on the F1 calendar", he said.
When asked whether Singapore had come away with a cheaper deal, Carey and Iswaran declined to comment on details.
However, Liberty failed to extend Singapore by the usual five years, as the city-state's authorities remained cautious about F1's future direction under its new owners.
"I am glad that all parties have been able to agree on commercial terms for the extension".
The sport's first night race is marking its 10th anniversary this year and has established itself as one of the most popular and glamorous of Formula One's events.
SINGAPORE has secured a deal with Formula One to keep its grand prix on the calendar until 2021.
"While I am sure Singapore as a place to visit is really cool, the temperature when we race there will be the exact opposite and the conditions will be hot and humid", he adds.
The former championship-winning team consider Singapore to be one of their best venues to secure a second victory of the season and have found a purple patch at the twisty Marina Bay street track reminiscent of their glory years in Formula One.