South Africa is in line to host a Formula One Grand Prix in 2011.
A memorandum of understanding is expected to be signed before the end of the year.
Gauteng bosses have inspected tracks at Silverstone in England and Melbourne, Australia. T his week, Mashatile and others are headed to Singapore ahead of that country’s inaugural Grand Prix in a fortnight. It will be the sport’s first night event.
Formula One is the undoubted “big daddy” of world motorsport — it’s a billion-dollar business and attracts one of the largest global television audiences after the soccer World Cup and the Olympic Games.
Given the prohibitive costs of staging a Grand Prix, the involvement of local government is imperative.
Estimates are that it will cost in the region of R1-billion to bring an F1 GP to SA. Race sanction fees are about 20-million per race and hosts are typically locked into a five-year deal with a 10% escalation clause.
Hosting an F1 GP would be in line with the Gauteng government’s strategy of promoting the region as an investment and tourism destination and as the “home of competitive sports”. In January, the government signed a strategic partnership with the Renault F1 team.
“Our involvement… stems largely from our desire to stimulate the competitive sports sector of Gauteng’s economy,” said Mashatile, MEC of the department of finance and economic affairs of the Gauteng government.
SA’s chances are believed to be good. The speculated 2011 race schedule has as many as nine unconfirmed GPs. Fitting in an African leg shouldn’t be too difficult.
It would also be in keeping with Ecclestone’s commitment to Nelson Mandela in 1998 to bring a GP to SA.
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