South Africa is in discussions with at least six private companies to secure funding aimed at bringing Formula 1 Grand Prix racing back to the country.
South Africa is in discussions with at least six private companies to secure funding aimed at bringing Formula 1 Grand Prix racing back to the country, according to people familiar with the talks.
Sports, Arts and Culture Minister Gayton McKenzie has asked the firms to collectively commit around $100 million to support hosting the event over three years, the people said, requesting anonymity.
Formula One Management Ltd. (FOM) typically partners with governments in select markets, and South Africa is seeking firm financial pledges to convince the National Treasury to back the bid. The funds would primarily go toward paying FOM’s annual hosting fees, according to Bloomberg.
South Africa faces competition from countries including Rwanda and Morocco, as Africa remains the only continent without a Formula 1 race on the current calendar.
The nation has a proven track record in staging major global sporting events, having hosted the 2010 FIFA World Cup.
Race to reclaim Africa’s F1 slot
In January, South Africa signalled its ambition to rejoin the Formula 1 calendar, unveiling plans to raise $50 million to support its bid to host the prestigious race.
Formula One has not held a race in Africa since the South African Grand Prix at Kyalami, north of Johannesburg, in 1993. The country is making another attempt to bring Formula 1 back to the country after a previous bid to host the race fell through in 2023.
McKenzie engaged with Formula 1 representatives during the Singapore Grand Prix two weeks ago, the people said. However, South Africa has yet to submit a formal proposal to FOM and is racing against time to secure a slot on the 2027 season roster, they added.
Despite the momentum, there is still no guarantee the bid will succeed.
