Africa’s Richest Nation to Raise $50 Million for Formula 1 Bid
- Country plans to submit its bid in May to host in 2027
- World F1 champion Lewis Hamilton said time for African race
Photographer: Clive Rose/Getty Images
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South Africa plans to raise $50 million to help fund a bid to host a Formula 1 race, the country’s sports minister Gayton McKenzie said in an interview.
McKenzie said there has been discussions with the Formula 1 organizers during the week, and that the country will be submitting its bid in May to host the motor racing event in 2027. Talks with potential sponsors, such as Heineken and Red Bull among others, to help raise the capital needed to enter the bid are already underway, he said.