$410 million Cape Town circuit bids to bring F1 back to South Africa by 2031

The group, called Blue Mountain Racing (BMR), made the announcement at the 2026 Swartland Mayoral Breakfast, as first reported by Business Day South Africa. The proposed circuit would be located on a 600-hectare site close to Malmesbury, around an hour's drive from central Cape Town, and is being designed to FIA Grade 1 standard. The venue would accommodate 125,000 spectators.

The consortium is led by former Sibanye-Stillwater CEO Neal Froneman, who retired from the company last year, is joined in the venture by former AngloGold Ashanti CEO Srinivasan Venkatakrishnan and Webber Wentzel partner Robert Appelbaum and businessman Bob Hartslief. The BMR chairman described modern F1 as 'a global entertainment property' under Liberty Media, built around cities the world already wants to visit.

BMR's announcement arrives just days after F1 confirmed the 2027 calendar with 24 races across 22 countries and no African slot, meaning any South African Grand Prix remains years away.

The Cape Town project also faces domestic competition: a separate initiative led by Kyalami circuit owner Toby Venter centres on upgrading the existing Johannesburg venue, with the FIA having approved Kyalami's Grade 1 upgrade designs in June 2025.

Whether either bid succeeds may depend on convincing Formula One Management. BMR says it has made initial contact with both Formula 1 and MotoGP, though the consortium has confirmed no F1 event, contract or race date is in place. Its privately funded model and Rothschild involvement appear designed to address the credibility gap that stalled previous efforts.