The owners of Liberty Media’s Formula 1 have been negotiating with the organizers of the South African Grand Prix for several years. If all went well, the stage at the Kyalami circuit would return to the calendar this year, but due to the difficulties that arose, the contract was not signed and the Belgian Spa kept its place in the championship.
According to TimesLIVE, South African businessman Patrice Motsepe is willing to accept a $35 million promotion fee, but Kyalami’s owners have been unable to find an additional $7 million to upgrade the circuit to FIA Grade 1 accreditation.
Warren Schecter, the promoter of the South African Grand Prix, in turn declined to confirm information about the organizers’ financial problems: “I have seen all these reports in the press, but most of the information presented is not true. Unfortunately I cannot give details, but there will be no South African Grand Prix in 2023.”
According to the press, the FOM has set a deadline of March 31, 2023 for the initiators of the stage in South Africa to reach agreement on all contracts and financial obligations. It is believed that if the documents are not signed by this date, the FOM will return to negotiations for the signing of a multi-year contract with the promoters of the Belgian Grand Prix.
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
