South Africa is actively negotiating with at least six private companies to secure a major sporting event: the return of Formula 1 racing. The government is seeking $100 million in pledges to fund Grand Prix races for three years, a crucial step to convince the National Treasury to back the plan. This funding would cover the substantial hosting fees required by Formula One Management. South Africa, which last hosted a Grand Prix in 1993, faces competition from Rwanda and Morocco and is working against the clock to secure a spot for the 2027 season. As the only populated continent without an F1 race, Africa is a key target for the sport’s global expansion. If South Africa’s bid is successful, it would have satisfied the continent’s growing motorsport fan base and boost activity in Africa’s largest economy.
Bloomberg
