“This means if you are going to have a five-year contract you need R10bn, but I can tell you we have had a lot of offers already from hospitality people who want to put down R400m.
“We said to them we are not at that point yet but there are big sponsors approaching my office every day because they want to get involved. If it is done correctly, it can be profitable.”
McKenzie added government is not going to foot the bill for most of the money required because of the huge appetite from the corporate world.
“I can tell you now that there is a huge appetite from Africa. Things that kept me awake at night was the bid but the money issue was not keeping me awake, and government is not going to foot most of the bill, that I can tell you.
“If you can see companies, and I am going to mention their names, like Red Bull, Heineken, they are already involved in the sport and they are here. Red Bull have already gone out of their way to bring David Coulthard here recently.
“I am just saying I will have serious questions of the sponsors if they don’t sponsor us because they are sponsoring F1 in other countries. If they don’t want to get involved, I will ask them what is wrong with our country, but I don’t think it will to go that far.
“We are going to deliver an F1 bid and this country will never look back.”
McKenzie would like to have the event in 2026 but said the realistic chance will be 2027 and Gauteng has an advantage in the race to host an F1 GP.
“Don’t hold me to 2026, that is just me being an optimist, but 2027 is what we are looking at. Timelines are that the bid committee will report back at the end of February or March.
“They have two months to find the company that will promote F1 and government will support it. Gauteng has an advantage because they already have this track here in Kyalami.”
Sports minister McKenzie confident SA will raise estimated R2bn needed to stage F1
Sports reporter
Image: Picture: Kabelo Mokoena
Sport, arts and culture minister Gayton McKenzie is confident government will be able to raise the estimated R2bn required to stage Formula One in the country in 2026 or 2027.
Government is forging ahead with plans to host the popular event from either 2026 or 2027.
On Wednesday McKenzie announced Bakang Lehoko (chair), Anton Roux, Rendani Ramovha, Gavin Varejes, Andrew Dunn, Timothy Harris, Stephen Watson, Shane Water, Thabile Ngwato, Charnie Lee Kruger, Nomsa Chabeli and Mlimandlela Ndamase as members of the Formula One bid steering committee at Kyalami Grand Prix Circuit.
The committee will manage the bid process, ensuring compliance with all requirements and serving as the sole point of contact with F1 officials and stakeholders.
“To pull an F1 race off, you are looking at about R2bn per year,” said McKenzie.
“This means if you are going to have a five-year contract you need R10bn, but I can tell you we have had a lot of offers already from hospitality people who want to put down R400m.
“We said to them we are not at that point yet but there are big sponsors approaching my office every day because they want to get involved. If it is done correctly, it can be profitable.”
McKenzie added government is not going to foot the bill for most of the money required because of the huge appetite from the corporate world.
“I can tell you now that there is a huge appetite from Africa. Things that kept me awake at night was the bid but the money issue was not keeping me awake, and government is not going to foot most of the bill, that I can tell you.
“If you can see companies, and I am going to mention their names, like Red Bull, Heineken, they are already involved in the sport and they are here. Red Bull have already gone out of their way to bring David Coulthard here recently.
“I am just saying I will have serious questions of the sponsors if they don’t sponsor us because they are sponsoring F1 in other countries. If they don’t want to get involved, I will ask them what is wrong with our country, but I don’t think it will to go that far.
“We are going to deliver an F1 bid and this country will never look back.”
McKenzie would like to have the event in 2026 but said the realistic chance will be 2027 and Gauteng has an advantage in the race to host an F1 GP.
“Don’t hold me to 2026, that is just me being an optimist, but 2027 is what we are looking at. Timelines are that the bid committee will report back at the end of February or March.
“They have two months to find the company that will promote F1 and government will support it. Gauteng has an advantage because they already have this track here in Kyalami.”
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