A South African consortium led by former Sibanye-Stillwater Chief Executive Officer Neal Froneman is developing a $412 million motorsport complex north of Cape Town as it seeks to bring Formula One racing back to Africa. The group has hired Rothschild & Co. to advise on financing and its bid for an F1 event.

Froneman is working with mining veteran Srinivasan Venkatakrishnan, Webber Wentzel partner Robert Appelbaum and businessman Bob Hartslief on the proposal. The project, known as Blue Mountain Racing Grand Prix, would be built in the Swartland region and carry an estimated price tag of R6.7 billion ($412 million) Hartslief said.

Private funding drives proposal

The proposed development would include an F1-compliant circuit costing about R2 billion ($123 million), alongside conference and exhibition facilities, hospitality venues and residential property. The group expects the wider complex to accommodate as many as 125,000 spectators, creating a destination designed to generate revenue beyond a single race weekend.

Rothschild & Co., one of the world’s longest-established independent financial services groups, is advising the consortium as it works to secure Formula One approval, attract corporate partners and meet government requirements that the event be financed without taxpayer money. Hartslief said the group is seeking backing from some of Africa’s largest companies through a sponsorship model intended to help cover the race license fee.

F1 faces rival South Africa bid

The Cape Town proposal is competing with a separate effort centered on Kyalami, the Johannesburg-area circuit owned by South African businessman Toby Venter. Venter, who is also chief executive officer of Porsche South Africa, has pursued upgrades aimed at securing the FIA Grade 1 status required for Formula One racing.

Formula One last raced at Kyalami in 1993, ending a South African run that had included events intermittently since 1967. The country now has competing proposals as interest in hosting a Grand Prix returns, with the Froneman-backed group positioning a new circuit and broader property development as an alternative.

Formula One is assessing the Blue Mountain proposal after the consortium submitted a response to its initial technical and commercial requirements. Hartslief said the evaluation could take 12 to 15 months, leaving the group to secure financing, corporate support and the necessary approvals before a race could be considered.

Global F1 appeal fuels interest

Formula One’s commercial value has climbed as the championship expands its global audience, helped by the popularity of Netflix’s Formula 1: Drive to Survive. The business is now valued at more than $23 billion, while Liberty Media paid $4.4 billion to acquire Formula One in 2017.

Froneman retired from Sibanye-Stillwater on Sept. 30, 2025, after more than a decade leading the mining group. He later took on a senior strategic adviser role at DRA Global, adding the Formula One project to a post-Sibanye portfolio that extends his involvement across business and industry.