South Africa: Department Of Sport Releases F1 GP Bid Document With Onerous Criteria For Host Cities To Be Shortlisted
Johannesburg Bid Document or Expression of Interest (EOI) for South African promoters to host a future F1 Grand Prix (GP) has now been released by the Department of Sport.
Potential bidders and host cities must submit, a R10 million (US$533K) refundable deposit, to participate in the EOI stage and be considered for shortlisting.
However, the deposit will be refunded with the relevant interest accrued, based on local legislation, minus 5%, which is due to the Legal Practice Fidelity Fund.
In essence, it could cost bidders around R538K (US$29K) to participate in the bid, as that is the estimated amount they will not get back.
According to Gerrit Davids, MD of Gerom Media & Sport, ” At first glance, the qualifying criteria for the EOI stage are extremely high, and one or two potential bidders may not make it past this stage. ”
“Also, i f a bidder is shortlisted for the Request for Proposal (RFP) stage, a further deposit will be required to remain in the race and this could also eliminate one or two more bidders from the race to host the GP,” said Davids.
By allafrica
