South Africa is bidding to host a Formula One Grand Prix in Cape Town from 2013. This would be the first for the country in almost 20 years.
South Africa held a Formula One race at Kyalami (Gauteng province) in 1993, a year before the country's first democratic elections. French driver Alain Prost won that race.
There are plans on the lines of a Monaco-style race through the streets of Cape Town, passing along the coast of Atlantic Ocean and by the stadium used for soccer World Cup that the country successfully concluded last year.
However, lofty costs for Cape Town hosting the race -estimated 1 billion rand- are likely to halt the proposal.
A final decision should come within the next six to twelve months.
However, the Cape Town Grand Prix bid company, expects the four-day event to bring vast economic benefits to the country, as Formula One is an annual event that makes its economic effect more significant than FIFA world Cup.
The company projects a 5.7 km street circuit through the trendy Green Point suburb, set against the iconic backdrop of Table Mountain, and fully utilising the Cape Town Stadium.
Cape Town has been looking at ways to best use the newly built 4.4 billion rand World Cup stadium amid fears that many of the soccer venues constructed for the finals could become white elephants.