Investment bank Rothschild is collaborating with a consortium on a £300m bid to bring Formula 1 back to South Africa. This initiative aims to see the motorsport series return to the country for the first time since 1993.
The consortium is spearheaded by South African mining magnate Neal Froneman, formerly the chief executive of Sibanye Stillwater. Law firm Webber Wentzel's Robert Appelbaum and mining tycoon Srinivasan Venkatakrishnan are also part of the group, with major African firms reportedly interested in sponsorship.
Despite this bid, and previous proposals from Johannesburg and Rwanda, Formula 1 is not currently engaged in discussions with South African parties about racing in the country. Both the Cape Town and Johannesburg bids reportedly have some form of governmental backing.
South African sport minister Gayton McKenzie previously highlighted the absence of Formula 1 in Africa, noting the concentration of races in Europe. Rwanda's president, Paul Kagame, has expressed interest in building a new track near Kigali, with Formula 1 chief Stefano Domenicali and FIA President Mohammed Ben Sulayem having previously described Rwanda's proposal as serious.