A news report on Monday about Cape Town having its sights set on a Formula One Grand Prix in 2010, with the prospect of new jobs, foreign currency and a place higher up on the world map, has been greeted with incredulity in local motor sport circles.
Apparently documentation pinpoints a section of land next to our international airport as having been earmarked for the project. The Airports Company of SA is interested and has already signed a confidentiality agreement with the "F1 managers".
City councillor Kent Morkel was quoted as saying that "Formula One is great for Cape Town. But either we look to business for sponsorship or we can have a street race".
The report said the infrastructure would amount to about R250-million. This could be offset by R80-million linked to the government's latest arms deal and a further R100-million by the sale of hospitality suites over seven years. Television rights would also bring in millions for the city.
Somehow everyone seems to have ignored the Kyalami experience. The Gauteng circuit already has the infrastructure. It is there. It has a proven record, it has been inspected and approved for formula-one racing. It is in the centre of industry and in by far the most densely populated area in the country. The Formula One Williams and BAR teams held successful test sessions there earlier this year.
Yet despite their best efforts, they have been unable to clinch a date on the Formula One calendar.
Reasons for this include the brilliantly successful Bernie Ecclestone. Operating as the Formula One Association, Ecclestone wants $7-million (about R60-million) to bring the circus to town. This has to be a five-year deal. In other words, seven times five, converted to the rate in nine years' time for Cape Town - and all paid up front.
The Formula One Association also retains the rights to the TV and other advertising, the exclusive Paddock Club, hospitality suites, the programme and even catering revenue. It controls Allsport, a Swiss-based marketing company that goes as far as sending signwriters to an approved venue to blot out existing advertising and replace it with material sold by Allsport at international rates.
All that is left for the local organisers is the gate money and the naming rights. And with Bernie waving a no-no list of international companies that are tied to him, even those are restricted. The government is sympathetic but is not prepared to offer financial support.
The cost of a new circuit could approach R200-million and while the race would attract foreign currency, when Bernie leaves he will also be taking a bag of local money with him.
Morkel mentioned a street race and there was talk years ago of a Formula One event on the edge of the Waterfront along Beach Road and around the Green Point common. The cost of making it safe, providing spectator amenities and making them pay, however, would not be easily solved.
Don't get me wrong.
I would love nothing more than to see the Schumacher siblings and all the rest of the F1 drivers in action in my home town.
Just show me a practical proposition and I'll run with it.