Key facts
- Rothschild & Co. is advising a consortium on a bid to bring Formula 1 back to South Africa.
- The consortium plans to build a $410 million motorsport complex in the Western Cape.
- The goal is to host a Grand Prix by 2031.
- Neal Froneman, former CEO of Sibanye-Stillwater, chairs the consortium.
- The project is privately funded.
- South Africa last hosted a Formula 1 race in 1993.
A consortium led by mining veteran Neal Froneman has engaged investment bank Rothschild & Co. to advise on a bid to reintroduce Formula 1 racing to South Africa. The group, known as Blue Mountain Racing, intends to construct a new motorsport complex in the Swartland region of the Western Cape, with the ambitious goal of hosting a Grand Prix by 2031.
The project, estimated to cost 6.7 billion rand (approximately $410 million), is to be privately funded. Froneman, the former chief executive of Sibanye-Stillwater, is joined in the consortium by Srinivasan Venkatakrishnan, a former chief executive of AngloGold Ashanti, and Robert Appelbaum from the law firm Webber Wentzel. The consortium presented its plans at the Swartland Mayoral Breakfast, receiving support from acting Western Cape premier Tertius Simmers, provincial minister Anton Bredell, and Swartland mayor Harold Cleophas. South Africa's sports minister, Gayton McKenzie, has also indicated support.
Africa has a history with Formula 1, having hosted races in South Africa until 1993 and a single event in Morocco in 1958. Currently, it is the only continent without a Grand Prix. The bid faces competition, as the Kyalami circuit near Johannesburg received FIA approval in June 2025 to upgrade its facilities to Grade 1 standard, a requirement for hosting F1 races. Rwanda and Morocco are also reportedly pursuing F1 races.
Formula One's commercial rights holder, Liberty Media, acquired the sport for $4.4 billion in 2017, and its revenue surpassed $3.4 billion in 2024, attracting 1.6 billion viewers. Formula One CEO Stefano Domenicali has previously expressed caution about a return to Africa, stating in May 2025 that a deal was still distant but acknowledging the sport's desire to race on the continent with the right investment and strategic plan.