A South African (SA) private consortium has announced plans to construct a $410 million motorsport complex in the Swartland region of the Western Cape to bring Formula 1 back to the continent by 2031.
Chaired by former Sibanye-Stillwater Chief Executive Officer Neal Froneman alongside mining executive Srinivasan Venkatakrishnan and businessman Bob Hartslief, the Blue Mountain Racing consortium unveiled the proposal during the Swartland mayoral breakfast in Malmesbury.
The project involves building an Fédération Internationale de l’Automobile Grade 1 circuit costing roughly $122 million, alongside conference facilities, hospitality infrastructure, and residential property accommodating up to 125 000 spectators.
Working with financial advisory firm Rothschild and Company, the consortium is structuring the initiative as a fully privately funded development to fulfill government requirements that the race operate without taxpayer funds.
–ChannelAfrica–
