JULY 13, 2004
Kyalami is sold
The Kyalami racing circuit, home of the South African Grand Prix for many years, has been sold for $7.1m. The new owners are a consortium of businessmen including both businessmen and property developers. It is expected that the circuit will continue to be managed by the new owners but that other parts of the facility will be redeveloped. One of the partners is the Imperial Group, a listed company which is involved in tourism, transportation, the motor trade, leasing, finance and property. The group also includes motorcycle champions Mike Fogg and Jim Redman, and Dave McGregor, a man who has played an important role in motor racing in South Africa for many years.
The track was previously owned by the Automobile Association of South Africa, which acquired the venue 11 years ago after financial problems surrounding the South Africa Grand Prix resulted in the collapse of the company which owned the circuit.
"The preservation of Kyalami as a world-renowned motorsport icon is of paramount importance to us.," says Mike Fogg. "At the same time we intend developing the property as a unique home for all facets of motoring, from the sport through to the retailing of motor vehicles. The track will remain central to the motoring theme."
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