Neal Froneman, Sibanye-Stillwater’s departing CEO, has indicated that he is involved in the possible development of a Formula 1 track in Cape Town. This comes as plans have been approved to refurbish and upgrade the Kyalami circuit to bring F1 races back to South Africa.
Froneman, who raced competitively in his younger days, said in a podcast with Bruce Whitfield that he had been asked to head a consortium of “very credible people” who were interested in establishing a facility near Cape Town.
The city with its surrounds, Froneman said, was the only venue on the continent that would attract tourists, given the reputation of the area.
“It has the cuisine and the wine,” he said. “Tourists don’t go to Gauteng, they go to Cape Town.”
He added that while Kyalami was a great track, it was in the wrong place. A racetrack needed associated attractions that could complement an extended tournament. Venues elsewhere in the world, such as Imola in Italy, might prove unviable on these grounds.
Establishing a racetrack was like setting up a mine: needing extensive investment, but then providing returns for decades.
A site near Melkbosstrand was being considered, he later revealed.
Meanwhile, a new design has been approved by the international racing federation; this will bring it up to Grade 1 status. News24 has reported that doing so could cost some R177 million. The initiative is supported by Sports, Arts and Culture minister Gayton McKenzie, and backed by prominent business figures.
[Image: Peter Fischer from Pixabay]