July 26, 2004
By Chandrea Gerber
THE AA Kyalami Grand Prix Circuit is set for another lap: a consortium comprising MJF Associates, Imperial Bank and Imperial Motor Holdings has bought it for R42-million.
Racing at the motor-sport icon will, they say, be left on track.
MJF Associates, which now owns 40 percent of the circuit, will run and manage South Africa's premier motor-sport facility.
Mike Fogg, the managing director of MJF Associates and a former South African motorcycle champion, emphasises the consortium's intention to maintain a "motor sport icon". He says this was of "paramount importance".
Aerial shot of the Kyalami Grand Prix Circuit
Imperial Bank and Imperial Holdings, which each own 30 percent, make up the remainder of the consortium. They will focus on developing a home for all facets of motoring - including motor-vehicle retailing and advanced driver-training schools. There is even a plan for a limited up-market residential development within the complex.
"We see Kyalami Grand Prix Circuit and its environs as a national motor-industry heritage site and are looking forward to unlocking its true potential as a multi-faceted motoring estate underpinned by the race track," says Tak Hiemstra, the chief executive of Imperial.
The circuit is on prime land - 72 hectares - which gives the consortium vast potential to develop the area. It will mainly be in the development of this land that this consortium will differ from the Automobile Association, which has been the custodian of Kyalami for the past 11 years.
"It was always our intention to sell Kyalami to a company which had the best interests of motor sport at heart", says Ed Kok, the managing director of the AA. The sale, he says, "will take AA Kyalami - and motor sport - into an exciting new phase of development".
There are no plans to change the track; in fact, the consortium intends expanding motor sport. It is hoped that Kyalami will host international events: negotiations for this are under way.
Since 1993, many international events have been held at the AA Kyalami Circuit - including Formula One testing, the World Super Bike series and Formula 3000. But it has not hosted a Grand Prix since 1993.
"After the 1993 Grand Prix, despite the economic benefits of Formula One to a country, we were unable to convince the government to sponsor the event", says Kok. Exchange-rate fluctuations also made it difficult.
If the consortium's intentions are anything to go by, the green flag is up for the future of motor sport at Kyalami. Perhaps Joburg will once again see a Grand Prix.
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