The AA Kyalami Grand Prix circuit has been sold for R42 million and its new owners, the Imperial Group and a business consortium, may see the return of F1 racing to the track.

The AA Kyalami Grand Prix circuit has been sold for R42 million and its new owners, the Imperial Group and a business consortium, may see the return of F1 racing to the track.

The consortium, MJF Associates, is headed by former national motorcycle champion Mike Fogg, Jim Redman, six times motorcycle champion, and Dave McGregor. MJF associates will run and manage the circuit while the Imperial Group will focus on property and retail opportunities.

The Automobile Association of SA's managing director Ed Kok said: "The AA has owned the Kyalami circuit for eleven years now. As we have publicly stated in the past, owning Kyalami is not part of our core business, and that if the right offer came along, we would give it serious consideration.

"It was always our intention to sell Kyalami to a company which had the best interests of motorsport at heart. In the interest of motorsport we identified MJF Associates as an entity that will take AA Kyalami - and motorsport - into an exciting new phase of development," continued Kok.

MJF Associates' MD Mike Fogg said: "We intend developing the property as a unique home for all facets of motoring, from the sport through to the retailing of motor vehicles. The track will remain central to the motoring theme."

Since 1993, AA Kyalami and its sponsors have brought a wide range of international events, costing more than R200 million, to the circuit. These included F1 testing, the World Superbike series, a truck race, Touring cars and Formula 3000.

"After the 1993 Grand Prix, despite the economic benefits of Formula One to a country, we were unable to convince Government to sponsor the event. Exchange rate fluctuations over the past 11 years did not help either."

The AA's head office and national call centre is situated on a separate property adjoining the circuit.