The bid to host a Grand Prix in Cape Town from 2007 has been strengthened following an announcement that a consortium would make a R75-million investment in the project – but only if Formula One Management gave the SA race the green light.

The bid to host a Grand Prix in Cape Town from 2007 has been strengthened following an announcement that a consortium would make a R75-million investment in the project – but only if Formula One Management gave the SA race the green light.


The Omega Consortium, which aims to secure a licence to stage an F1 grand prix in the Mother City, said One Vision Pty Ltd would make the investment on behalf of an international group of industrial and energy product manufacturers. The group was reportedly involved in 54 countries worldwide by means of commodity trading, property developments, chemical production and the construction of oil refineries.


Taj Anvary, the chief executive of Caspian Chemicals, a company associated with One Vision, was instrumental in broking the proposed investment. “This is a significant expression of our Group’s commitment to the country,” he said.


A spokesman for One Vision said that his company had great confidence in South Africa and had a number of plans in place to expand its presence here.


“We believe that hosting a F1 Grand Prix in South Africa holds tangible benefits for the country and we would like our company, our products and our brands to be associated with this event.”


Omega Consortium chief executive Dave Gant said that the proposed investment represented close to 50 per cent of the equity capital that the consortium was seeking from the private sector to fund the grand prix track and infrastructure.


“This project can only be undertaken in a public/private sector partnership and we are delighted with the support shown by One Vision. This adds substantial impetus to our efforts to engage with Government and get their commitment to the project,” he added.


CARtoday.com last week quoted Gant as saying that all levels of the South African government had indicated an enthusiasm for the initiative and that the Omega Consortium was pursuing “the right combination of contributions and the most appropriate financial structures” to make the SA Grand Prix a reality.


“We urgently need to show serious intent and commitment to Formula One Management by the end of November if we are to retain their interest in bringing the Grand Prix to South Africa in the next few years,” Gant was quoted as saying on Monday.