In recent years there have been numerous stories regarding 'consortiums' hoping to see Formula One racing return to South Africa.

Just days after A1 Grand Prix thrilled the crowds in Durban comes news of another (on-going) bid, this one hoping to build a track near Cape Town's International airport.

David Gant, Chief Executive of the South African Grand Prix Corporation (Pty) Ltd, has told reporters that although the project has the backing of the South African government it still faces obstacles in the form of "land problems". According to Gant, a number of groups, including the company that owns the airport and the municipal government have not yet 'release; the required amount of land

"They want to have a Grand Prix in Africa, specifically Cape Town," said Gant, the 'they' he referred to being Bernie Ecclestone's FOM. "So if we get the land issue sorted out, I'm pretty confident that during the course of this year we will be able to present a viable licence application."

Gant revealed that the South African Government - already financially 'stretched' due to the 2010 World Cup - would not need to provide funding for the 'F1 project', saying: "I have no doubt that we will be able to source the capital required to build".

A number of leading Cape Town officials have given their blessing to the project, including deputy mayor Charlotte Williams and Simon Grindrod, who oversees economic development in the city.

Other than providing 1979 World Champion Jody Scheckter, South Africa has a long history of F1, having first hosted a Grand Prix in 1962 at East London. There were two further races at the track before the event moved to Kyalami, which hosted twenty World Championship Grand Prix between 1967 and 1992.

Although Gant claims that the Government will not need to find the money to fund the 'F1 project', one has to wonder where his consortium will find the sort of finance needed not only to build the track but to meet the demands of FOM, which is sure to require a multi-year deal.