The price tag on SA's Formula 1 bid

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However, strict financial requirements for potential Formula 1 (F1) bidders may significantly narrow the field of contenders.

Last week the Department of Sport, Arts and Culture (DSAC) officially put out their Expression of Interest (EOI). This tentative next step in a future Formula 1 return marks the latest developments in bringing F1 back to South Africa after 32 years.

South Africa last hosted an F1 Grand Prix at the Kyalami circuit in 1993.

Minister of Sport Gaytin McKenzie has appointed a so-called Formula 1 Bid Steering Committee. They are being tasked with finding potential organisers for SA’s return to the F1 calendar.

The cost of the bid

For the EOI stage and be considered for shortlisting, host cities and promoters must submit a refundable deposit of R10 million.

The 37-page EOI document does include some fine print. While the deposit will be refunded with accrued interest, 5% will be withheld under local legislation to cover contributions to the Legal Practice Fidelity Fund.

This leaves bidders with an estimated non-refundable cost of R538 000.

Additionally, if a bidding country advances to the Request for Proposal stage, an additional deposit will be required to continue in the process.

This added expense could further shrink the pool of contenders vying to host the prestigious event.

Cape Town, West Coast GP bids emerge to bring F1 to South Africa

Meanwhile, a new group outside of the Kyalami GP bid has emerged.

According to reports, the entity has said that it is submitting a West Coast GP bid to host a South African Grand Prix at “a significant site on the West Coast.”

Last month the Langa Lethu South African Grand Prix Bid Group confirmed it will tender a bid to host a future West Coast Grand Prix, going up against Kyalami and Rwanda.

According to Forbes, The Cape Town Grand Prix SA is also preparing to submit a formal bid to the BSC.

Their vision includes hosting a dazzling F1 street race in the Green Point Sport Tourism Precinct—showcasing a 5.7 km circuit that winds around the iconic Cape Town Stadium.