Overdrive TV

Following the successful hosting of the FIFA World Cup in South Africa, the nation is chasing other major sport events with renewed vigour, and Formula One is no exception.

Over the weekend, F1 supremo Bernie Ecclestone reaffirmed his belief that Formula One will come to the African continent this decade, and the leading city is Cape Town. Eccelstone told BBC radio that “We’ve been talking to the people in Cape Town…We’re talking about building a circuit. It’s probably about three years away. That’s what I would like to see. I would hope so. I’ve been hoping that for five years.”

South Africa enjoyed a healthy dose of Formula One from the inception of the sport. Cape Town was the first city to host an international Formula One Grand Prix in 1960 at the Killarney Race Circuit. The following year the saw the likes of Sterling Moss compete at the same facility but poor financial planning by the promoters lost the event for the venue.

The last time a Formula One race was held in South Africa was in 1993, at the Kyalami circuit in Midrand, north of Johannesburg. Kyalami also held a race in 1992, and from 1967 through to 1985. Prior to that, the Prince George Circuit in East London held events in 1962, ’63 and ’65.

The financial benefits are seemingly obvious; Formula One is the single most expensive sporting code per event on Earth, and returns to each track year after year. Mega-events like the Olympics come along once every few decades and place considerable strain on a city’s finances. It has been suggested that Athens 2004 played a considerable role in the Greek financial crisis which struck only this year.

The news spread rapidly and inevitably Dave Gant, CEO of the South African Grand Prix Corporation, was asked to clarify or even ratify the statements.

(more…)