F1 expert doubts South Africa’s readiness for 2027 Kyalami Grand Prix

Hendrick Verwoerd, founder of the Formula One Club of South Africa says it's a niche sport with very dedicated people that take part in it.

"Unfortunately, no money that the event generates apart from the ticket sale goes to the promoter. Television rights are all already held by Formula One. The VIP hospitality rights are still, are already held by Formula One.

"Partnerships by companies that they could put their logos up around the circuit -that money already goes to Formula One. The only return that you get is from the ticket sales. Imagine what you have to charge for the tickets to be able to get some money back."

On Friday, cabinet announced the approval of a bid to host the F1 Grand Prix in Kyalami in Midrand in 2027. 

The bid is backed by major private sector sponsors, who've pledged full financial support.

READ: South Africa cleared to bid for Formula One Grand Prix from 2027

If finalised, the deal will run for three years and return F1 racing to South Africa after more than three decades. 

Verwoerd believes it'll be a costly move. 

He says it'll only succeed with government's financial backing. 

" Other countries are paying easily between 30 and 70 million United States dollars per race. Convert that to South African Rand. Turns out to be close to a billion rand."

"As a host, you have to also put out a festival for the entire week building up to the event, and that includes a big music festival, and you have to have international artists there.

So, imagine what we will have to pay to get a Taylor Swift. And then build in some increases because of inflation. So, we are talking billions of rands just for the right to host the event."