Cape Town Grand Prix SA has joined forces with a consortium of business and motorsport professionals headed by Dave McGregor, who organised the 1992 and 1993 Formula One Grands Prix at Kyalami.
Founder and CEO Igshaan Amlay said: "This is a milestone in the bidding process; Dave and his team bring a wealth of motorsport experience to the table."
"The consortium are leaders in motorsport management, event promotion, sponsorship and investment procurement, and government liaison at a national and international level.
"After two successful Grands Prix, Dave has a proven track record and strong working relationship with Formula One Management boss Bernie Ecclestone.”
McGregor commented: "The Cape Town Grand Prix concept not only makes economic sense in a South African context, but it does complete justice to the world-wide Formula One spectacle.
"We pulled off what nobody thought we could in 1992 so we can relate to Igshaan's passion and enthusiasm."
Cape Town Grand Prix was established in 2007, after eight years of research, by former political prisoner Igshaan Amlay, to bring Formula 1 back to South Africa, using a street circuit laid out around the Cape Town Stadium.
Amlay said: Our vision is to develop the motorsport business sector, to benefit local business and generate media impact and growth in tourism, business and employment.
"Yes, it's ambitious but, as Nelson Mandela once said. 'It's only impossible until it happens'."