South African Investors Put R6.7 Billion Behind Bid to Bring F1 Back by 2031

A South African consortium has submitted a proposal to bring Formula 1 back to the country, with plans for a new R6.7 billion motorsport complex in the Western Cape.

Blue Mountain Racing (BMR), a privately funded consortium chaired by former Sibanye-Stillwater CEO Neal Froneman, wants to build a new Formula 1-standard circuit in the Swartland, near Malmesbury and north of Cape Town.

The group is targeting 2031 for a Formula 1 Grand Prix at the proposed venue. However, South Africa has not yet been awarded an F1 race.

R6.7 billion development

The proposed project is estimated to cost R6.7 billion, or approximately $410 million.

BMR says the project would be privately funded and has appointed Rothschild & Co. to advise on financing.

Around R2 billion of the investment is expected to go towards the circuit itself, with the rest allocated to the wider motorsport and entertainment development.

The proposed site covers around 600 hectares near Malmesbury in the Swartland. The circuit is being designed to meet FIA Grade 1 standards, the level required for Formula 1 racing.

A new motorsport precinct

The planned circuit would form part of a larger development rather than operating only as a racing venue.

Plans include hospitality, conference and exhibition facilities, entertainment facilities and residential property. The proposed venue is expected to accommodate approximately 125,000 spectators.

BMR has also approached MotoGP about potentially hosting events at the venue.

Why Cape Town?

Although the proposed circuit would not be inside Cape Town, its location in the Swartland would put it roughly an hour from central Cape Town.

BMR says the proximity to Cape Town is an important part of its proposal because of the city's international airport, hotels, tourism industry and ability to attract international visitors.

The consortium has specifically moved away from the idea of a street circuit in Cape Town, with the proposed facility instead being a purpose-built circuit outside the city.

South Africa's F1 history

South Africa last hosted a Formula 1 Grand Prix at Kyalami in 1993.

The new Swartland proposal is not the only effort to bring F1 back to South Africa. Kyalami in Gauteng is also pursuing a return to the Formula 1 calendar, meaning there are competing proposals for a potential South African Grand Prix.

South Africa had previously targeted a return in 2027, but the government later acknowledged that the financial and logistical requirements had been underestimated. Attention subsequently shifted towards a potential 2028 or 2029 bid.

2031 is a target, not a confirmed race

BMR has made initial contact with Formula 1 and submitted its proposal, but Formula 1 has not confirmed a South African Grand Prix for 2031.

The consortium says the evaluation process could take 12 to 15 months, while the project still requires planning, environmental and other approvals before construction can proceed.

If the proposal is approved and the circuit is completed, BMR is targeting 2031 as the year Formula 1 could return to South Africa.

For now, the R6.7 billion Swartland project remains a proposal and bid for a place on the Formula 1 calendar, rather than a confirmed Grand Prix.

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