A South African consortium is stepping up efforts to bring Formula 1 back to Africa, with plans for a multibillion-rand motorsport and entertainment complex north of Cape Town.
The consortium, led by former Sibanye-Stillwater chief executive Neal Froneman, mining executive Srinivasan Venkatakrishnan and Webber Wentzel partner Robert Appelbaum, is working with financial advisory firm Rothschild & Co on the ambitious project.
The proposed development, known as the Blue Mountain Racing Grand Prix project, is estimated at about R6.7 billion, or approximately $410 million. Earlier reports had placed the investment at around $375 million.
The proposed development in the Swartland region would include a Formula 1-compliant circuit costing about R2 billion, alongside hospitality facilities, conference and exhibition space and residential developments. The venue could accommodate approximately 125,000 spectators, positioning it as a major sporting, tourism and entertainment destination.
Rothschild & Co has been appointed as financial adviser as the consortium works towards securing Formula 1 approval, corporate partnerships and the necessary government requirements.
The project is expected to rely on private-sector investment rather than South African taxpayers. The consortium is exploring sponsorship from major African companies to help meet the commercial requirements and Formula 1 licence costs.
The Cape Town proposal comes as South Africa pursues a broader campaign to restore Formula 1 racing to the country. Another proposal centres on the historic Kyalami Grand Prix Circuit in Johannesburg, which is also being positioned for a potential return to the Formula 1 calendar.
South Africa’s government has previously backed a bid to host the Formula 1 Grand Prix at Kyalami for a three-year period beginning in 2027, with the initiative intended to be supported by private-sector funding.
Formula 1 has not held a race in Africa since the 1993 South African Grand Prix at Kyalami. A return would therefore mark the championship’s first African race in more than three decades.
South Africa is not the only African country seeking a place on the Formula 1 calendar. Rwanda and Morocco have also expressed interest in hosting Formula 1 events, reflecting growing interest in bringing the global motorsport championship back to the continent.
However, the Cape Town proposal remains subject to Formula 1’s technical, commercial, logistical and safety requirements. The consortium has submitted information addressing the championship’s initial requirements and is expected to undergo an evaluation process.
If approved, a South African Formula 1 race could create a significant platform for tourism, international investment, hospitality and the wider African motorsport industry.
For now, however, a return of Formula 1 to Africa remains a proposal rather than a confirmed race on the official calendar.
