Hosting a Formula One Grand Prix in South Africa sounds exciting, but the billion-rand cost can’t be justified in an economy struggling to recover.
The Minister of Sport, Arts and Culture, Gayton McKenzie, seems to regard his role as being the turbocharger of South African society, pumping in new spirit and energy to turn us into a winning nation.
And, like the rich uncle bringing gifts, this week he presented to the country the prospect of hosting a Formula One Grand Prix. The way he told the story, hosting the event is a done deal.
The only issue which needs to be resolved is whether the race will be held in Johannesburg or in Cape Town.
Leaving aside the reality that Johannesburg’s Kyalami circuit is the only one in Africa which meets the technical requirements for running a Grand Prix, the minor little problem remains: Where is the money going to come from?
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You can’t just go out and fill up with a billion rand-plus like you can top up your tank at the local petrol station.
Private enterprise will put up only a fraction of the money needed and the rest will have to come from the government… or, more accurately, the taxpayer.
In a country whose economy not only has multiple flat tyres and needs a jump-start, that sort of expenditure cannot be justified.
