Cape Town - Formula One racing could be on the cards for Cape Town as early as 2017.
Igshaan Amlay, chief executive officer of Cape Town Grand Prix South Africa, has confirmed that talks with Formula One boss Bernie Ecclestone took place two months ago.
The next step is to present the F1 proposal to the City of Cape Town’s tourism, events and marketing directorate, he said. This was expected to take place in August. “We need to get our ducks in a row.”
The last South African Grand Prix was at Kyalami in 1993, and Cape Town last hosted a Grand Prix in the 1960s.
Ecclestone has been trying to get back into the South African market for several years, with the Cape Town Grand Prix being in discussions with him since 2000.
Amlay said that while the deal had not yet been signed, there was renewed support from the City of Cape Town to bring F1 back to the city.
CITY SUPPORTIVE THIS TIME
Two years ago, the city rejected the Formula One proposal because of the noise issues and cost involved in building the necessary infrastructure. But Amlay said: “The city has changed the way it sees events; they are now a potential opportunity for investment. We are glad they have changed their mind.”
In its initial bid, Cape Town Grand Prix proposed a street circuit that would make full use of the stadium with cars racing through the structure. The route could include Beach Road and the V&A Waterfront.
According to an article that appeared in the German publication Speedweek on June 18, it would cost about €40 million (R546m) to build the pits and other infrastructure required. The hosting fee for the event would be about €20m. The article said Cape Town’s application would only be considered by the Formula One Management once the city had given the green light.
Amlay told the Cape Argus: “The City of Cape Town is a premier partner in this bid. We don’t want to put pressure on the city’s budget for events, and (we therefore plan to) do this by means of negotiating with local and foreign private investors or sponsors.”
He said they were looking at R400m to R500m for the initial set-up. The costs would drop once the first race had been held and the focus shifted to maintenance.
Garreth Bloor, city mayoral committee member for tourism, events and economic development, confirmed that the city was open to receiving a proposal to host the F1. “Any proposal must go through the formal processes of council for consideration.”
Cape Argus