WEBVTT - Will Formula One Finally Come Back To Africa?

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>F one could make a return to the African continent

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<v Speaker 2>for the first time in more than thirty years, with

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<v Speaker 2>the sport due to announce new host cities in the

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<v Speaker 2>coming weeks.

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<v Speaker 3>One more race we need, and that's going to be Africa,

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<v Speaker 3>you know, and all the other continents.

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<v Speaker 2>And one out there. Rwanda and Morocco are among those

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<v Speaker 2>believed to be vying for the license, but South Africa

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<v Speaker 2>has made no secret of its ambition to bring F

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<v Speaker 2>one back to the country.

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<v Speaker 4>Lewis Hamilton, you said you had a dream to race

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<v Speaker 4>in South Africa again. Understanding here to tell you we

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<v Speaker 4>will not rest until your dream comes to realization that

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<v Speaker 4>you will race again in South Africa.

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<v Speaker 2>On this week's Next Africa Podcast, we look at who's

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<v Speaker 2>bidding to bring back Formula one to Africa and investors

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<v Speaker 2>and governments are so desperate to become part of the

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<v Speaker 2>global phenomenon that is F one. I'm Jennifer's Abasaja and

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<v Speaker 2>this is the Next Africa Podcast, bringing you one story

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<v Speaker 2>each week from the continent driving the future of global

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<v Speaker 2>growth with the context only Bloomberg can provide. Joining us

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<v Speaker 2>this week is our Senior Africa reporter. That's Loney, Prince

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<v Speaker 2>Lou Loney, thanks so much for coming on.

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<v Speaker 5>Appreciate here.

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<v Speaker 3>Thank you.

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<v Speaker 2>So this is a fascinating story for I think people

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<v Speaker 2>who are fans of Formula one, but even those who

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<v Speaker 2>haven't been. But maybe we just start with the phenomenon

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<v Speaker 2>that has been Formula one over the past few years.

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<v Speaker 5>Can you talk about how big of a.

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<v Speaker 2>Business it is in twenty twenty five and what you

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<v Speaker 2>found in your reporting.

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<v Speaker 1>For NAT one went from a very niche type of

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<v Speaker 1>sports where it was like a few petrol heads, very European,

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<v Speaker 1>to what we are seeing today in twenty five.

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<v Speaker 3>As you ask, which is basically entertainment.

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<v Speaker 1>Strapagan, you are seeing people one hundred and twenty five

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<v Speaker 1>thousand people at a time attend these races. Revenue is

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<v Speaker 1>three point four billion dollars a year. You have one

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<v Speaker 1>point six billion people watching every race. Entertainment on the

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<v Speaker 1>side VIP lounges. You have these young drivers that have

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<v Speaker 1>a new fan base which is younger women.

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<v Speaker 5>Hi guys and girls.

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<v Speaker 3>It's a land alogue.

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<v Speaker 1>A few days ago we put on socials for you

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<v Speaker 1>to send us some questions today today that they answer

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<v Speaker 1>all of those questions, So it's not just sort of

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<v Speaker 1>like old guys watching the cause or small technicalities around

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<v Speaker 1>the cause. It's really become more of an entertainment show.

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<v Speaker 1>We've seen Badpa do, the New show if One. Netflix

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<v Speaker 1>has quite a few Formula one shows running, So yeah,

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<v Speaker 1>it went from a motorizing, sort of niche event to

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<v Speaker 1>what we are seeing today, which is a big entertainment show.

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<v Speaker 2>Yeah, they've really sort of capitalized on the fan base,

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<v Speaker 2>especially with some of the shows that you mentioned.

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<v Speaker 5>And when we think.

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<v Speaker 2>About the last time I was here in Africa nineteen

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<v Speaker 2>ninety three, which is surprising and I think for many people,

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<v Speaker 2>but there's serious contenders who want to bring it back,

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<v Speaker 2>and that's really gets to.

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<v Speaker 5>The heart of your story. Can you talk about some

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<v Speaker 5>of the people who you met and what they told you.

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<v Speaker 1>There's quite a few characters around trying to bring back

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<v Speaker 1>Formula one to Africa. As you said, nineteen ninety three

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<v Speaker 1>were the only populated continent that doesn't have a race,

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<v Speaker 1>but we have a track. We even had a world champion.

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<v Speaker 1>Jodie Schickter at one.

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<v Speaker 5>Point did not know that South African.

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<v Speaker 1>South African, Yes, but now really like forty years on,

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<v Speaker 1>so where are we now. We have two sort of

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<v Speaker 1>cities that people are trying to pitch for. The one

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<v Speaker 1>is Johannesburg with the old track Kyle Laumi that needs

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<v Speaker 1>a few upgrades to get us to speak. The one

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<v Speaker 1>kind it seems like a serious contended There is entertainment

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<v Speaker 1>sort of promoter and it does some entertainment things like

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<v Speaker 1>delicious festival on Carliami track already and you have the

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<v Speaker 1>poche Ceo there that owns the track and so sounds

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<v Speaker 1>like he will basically rent the track to whoever is

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<v Speaker 1>the winner there on the johannes Bog side. But then

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<v Speaker 1>we have a much more what some people would view

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<v Speaker 1>as a much more iconic sort of destination, which is

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<v Speaker 1>Cape Town, recently voted as the best city in the

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<v Speaker 1>world by a Timeout magazine. You have the beautiful sort

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<v Speaker 1>of table mountain and just all around sort of views

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<v Speaker 1>Forday Robin Ireland, history of Nelson Mandela, so people view

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<v Speaker 1>that as maybe an iconic sort of destination. There's two

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<v Speaker 1>that we really went into a bit in the article.

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<v Speaker 1>The one is a street race and that's being done

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<v Speaker 1>by Telka, who's world renowned in terms of the sort.

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<v Speaker 3>Of tracks that they build.

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<v Speaker 1>You know, street tears might be difficult in capet On

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<v Speaker 1>because it will lock up the city for quite a

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<v Speaker 1>few weeks.

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<v Speaker 3>But there is that proposal.

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<v Speaker 1>And then there's a stadium outside of Cape Town that's

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<v Speaker 1>being proposed. A new track, the Guard's Zing that actually

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<v Speaker 1>owned Kyle Lamie in the eighties when the race was here,

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<v Speaker 1>still here, when Formula one is still here. So these

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<v Speaker 1>there is Bobby Hartsleeve, here's some US backers called Bounces Racing,

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<v Speaker 1>and they seem very serious about what they want to

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<v Speaker 1>achieve and they have interesting ideas on what they want

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<v Speaker 1>to do there, like an Amphi theater, condominiums, things like that.

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<v Speaker 2>So Lonie talk about maybe some of these proposals and

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<v Speaker 2>the details you just said condominium. So they're looking to

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<v Speaker 2>build an ecosystem around these.

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<v Speaker 5>Tracks is what it sounds like.

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<v Speaker 3>Yeah, one hundred percent.

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<v Speaker 1>So let's start with the old track, Ki Armie, as

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<v Speaker 1>I said, from the sixties student nineties, we had the

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<v Speaker 1>Formula one race here. So they still have the track.

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<v Speaker 1>The track is well maintained, but it needs some upgrades.

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<v Speaker 1>As we said, Formula one is now a show. You

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<v Speaker 1>need one hundred and twenty five thousand seaters. Kyloms only

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<v Speaker 1>fifty thousand seaters, so you need to expand. That is Johannesburg.

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<v Speaker 1>But then we have Cape Town. Cape Town is seen

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<v Speaker 1>as the more iconic venue. Liberty has said it wants

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<v Speaker 1>an iconic venue. I mean, you know, you have Monaco,

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<v Speaker 1>you have those sort of cities.

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<v Speaker 3>Recently Madrid that has come online.

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<v Speaker 1>So you want to sort of compete and show off

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<v Speaker 1>what we have in Africa.

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<v Speaker 3>So they are planning a.

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<v Speaker 1>Track then outside of about eight or nineteen miles from

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<v Speaker 1>his old track Kylomy. They are planning a track outside

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<v Speaker 1>of Cape Town and worth that an ecosystem, as you said,

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<v Speaker 1>so Amphi theater to have shows. You have condominiums where

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<v Speaker 1>rich guys with nice cars can sort of buy a

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<v Speaker 1>condominium and then race around on the track on the

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<v Speaker 1>weekend if there's.

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<v Speaker 3>No sort of races normal weekend.

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<v Speaker 1>Yeah, so that's the plan for the track that's back

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<v Speaker 1>by Bounder's race. And then this is the street race

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<v Speaker 1>that is beautiful and goes around the mountain and all

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<v Speaker 1>of that, but has its own sort of sets of

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<v Speaker 1>challenges if you have to sort of lock up the

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<v Speaker 1>city for a few weeks.

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<v Speaker 2>So all of these plans sound like they will require

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<v Speaker 2>a lot of funds, a lot of capital in order

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<v Speaker 2>to get things going. Clearly, people who pay attention to

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<v Speaker 2>you know, the coverage that we have. It's not a

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<v Speaker 2>great time economically for the continent, for the globe, but

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<v Speaker 2>even for South Africa.

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<v Speaker 5>So how would these funds be raised? Where would the

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<v Speaker 5>capital actually come from?

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<v Speaker 1>So talking to the different people around this, most of

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<v Speaker 1>the funds will be privately raised. When we spoke to

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<v Speaker 1>for instance, the bounds is raising people. The attraction is

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<v Speaker 1>the sort of yields that the returns that you can

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<v Speaker 1>get on your investment in Cape Town versus more developed

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<v Speaker 1>markets like a Europe or so you returns.

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<v Speaker 3>Are quite good.

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<v Speaker 1>The government, the South African government sports minister, he's really

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<v Speaker 1>keen on this.

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<v Speaker 3>He's a new sports minister and he's very keen.

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<v Speaker 1>He's been talking to sponsors trying to raise the money

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<v Speaker 1>for a licensing fee. It's anything from about twenty million

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<v Speaker 1>dollars to about fifty million dollars. So he's trying to

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<v Speaker 1>raise that initial funding around just getting the licensing fee

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<v Speaker 1>to the bidders. But there's lots to go with it,

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<v Speaker 1>including roach. You need public links, transport, most of the

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<v Speaker 1>people are saying minimal direct investment from government, but you

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<v Speaker 1>do need some investment from government.

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<v Speaker 5>So the government is supportive of this.

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<v Speaker 3>They want very supportive.

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<v Speaker 1>In fact, the minister said he would have failed in

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<v Speaker 1>his sort of portfolio if he doesn't bring Fortuna one back.

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<v Speaker 2>That is the South African case that you just presented there.

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<v Speaker 2>Let's take a quick break and come back and talk

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<v Speaker 2>about some of the.

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<v Speaker 5>Other bidders from the continent. We'll be right back. Welcome back.

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<v Speaker 2>Today we're talking about hopes for Formula one to return

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<v Speaker 2>to the continent of Africa. We have our Bloomberg Senior

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<v Speaker 2>Africa reporter here, Loni Prince Lou who has just reported.

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<v Speaker 5>On this story for Bloomberg.

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<v Speaker 2>So LONEI we talked about the South African bids just

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<v Speaker 2>before the break. If you can share some of the

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<v Speaker 2>other bidders from across the continent that we know who

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<v Speaker 2>are trying to also bid for this license.

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<v Speaker 1>So there's been some talk about interest from Rocco. When

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<v Speaker 1>we spoke to sources the Morocco interests, they doesn't seem

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<v Speaker 1>as far advanced as what South Africa and Randa is trying.

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<v Speaker 1>So then let's talk about Rwanda Rivana has hosted a

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<v Speaker 1>recent event for Formula one in Kigali, so they look

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<v Speaker 1>very as that the president has said several times. You know,

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<v Speaker 1>they are interested in getting into the bidding for Formula one.

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<v Speaker 1>They are said to have some Middle Eastern backers for

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<v Speaker 1>what they would need to bring it, you know, your

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<v Speaker 1>track and stuff as well the broad in the Austrian

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<v Speaker 1>sort of track designer to look at a track and

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<v Speaker 1>all reasons. Romana looks very serious about their efforts. They

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<v Speaker 1>have a bit of trouble currently where you know, they're

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<v Speaker 1>involved in a war with the with the Congo, so

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<v Speaker 1>that that could play into it for them in the

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<v Speaker 1>shorter term. No one says I think I can only

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<v Speaker 1>have one race. Yeah, you have several races. So we'll

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<v Speaker 1>see how all of this plays out.

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<v Speaker 3>Currently, the bits or eyed for twenty twenty seven.

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<v Speaker 1>More realistically, it could be actually twenty twenty eight, just

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<v Speaker 1>because of the time it'll take to if you have

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<v Speaker 1>a proposal that seems like it could work, the time

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<v Speaker 1>to put in everything that you would need and you

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<v Speaker 1>take that backwards is about two years.

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<v Speaker 2>So then learning maybe you can share what actually comes

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<v Speaker 2>into the final decision.

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<v Speaker 5>What is it that the FIA. What is it that

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<v Speaker 5>they're looking for.

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<v Speaker 2>Is it what you said, you know, an iconic backdrop

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<v Speaker 2>like Caketown. Is it something where you know they can

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<v Speaker 2>build an ecosystem around it. What will be factored into

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<v Speaker 2>the final decision?

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<v Speaker 1>What goes into it is a bit of sort of

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<v Speaker 1>political role from them. They did say quite a few

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<v Speaker 1>times that they are willing to bring the Rise back

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<v Speaker 1>to Africa, but it comes with these challenges. As we said,

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<v Speaker 1>there's a lot of infrastructure that needs to come with us.

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<v Speaker 1>You need the track, you need one hundred and twenty

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<v Speaker 1>five thousand siters.

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<v Speaker 3>You need to manage.

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<v Speaker 1>The traffic that comes with all of that, You need

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<v Speaker 1>to manage the security. It comes with all these famous drivers,

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<v Speaker 1>and you know it's just catering fabric transport. Having an

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<v Speaker 1>airport thirty minutes that's one of their requirements as well,

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<v Speaker 1>having an airport thirty minutes from your track.

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<v Speaker 3>So the list is quite extensive. I think it's more

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<v Speaker 3>than three pages.

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<v Speaker 2>Wow.

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<v Speaker 1>So it's a massive list of requirements that you need.

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<v Speaker 1>And as we know Africa, you know we have some

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<v Speaker 1>issues with limited infrastructure, but we've hosted the World Cup

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<v Speaker 1>soccer before.

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<v Speaker 2>Sold is away I think that's what many many people

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<v Speaker 2>are hoping for, at least on the government side. We've

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<v Speaker 2>talked for a while, and I think you mentioned this.

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<v Speaker 2>F one has talked about coming back to the continent

0:12:25.720 --> 0:12:28.040
<v Speaker 2>for a while. Lewis Hamilton is one of those who's

0:12:28.040 --> 0:12:31.200
<v Speaker 2>been a big proponent of that. Actually he pitched it

0:12:31.240 --> 0:12:34.760
<v Speaker 2>to former President Nelson Mandela and it didn't happen, right

0:12:35.240 --> 0:12:39.680
<v Speaker 2>for various reasons. Does this actually seem like it could

0:12:39.960 --> 0:12:41.640
<v Speaker 2>realistically happen?

0:12:42.640 --> 0:12:45.520
<v Speaker 1>Realistically, it does look like it could potentially happen, But

0:12:45.600 --> 0:12:48.199
<v Speaker 1>there's so many other interested parties.

0:12:48.320 --> 0:12:51.080
<v Speaker 3>There's talent that sounds a good chance.

0:12:51.000 --> 0:12:53.959
<v Speaker 1>I mean, and there's also limited races, only twenty four races,

0:12:54.200 --> 0:12:59.400
<v Speaker 1>limited slots, lots lots of interest in hosting eras. South

0:12:59.400 --> 0:13:05.080
<v Speaker 1>Africa has tried before quite recently, so there was twenty

0:13:05.120 --> 0:13:09.040
<v Speaker 1>twenty in twenty twenty three that tried again and there

0:13:09.120 --> 0:13:12.160
<v Speaker 1>was some sort of financial issues around renting the track.

0:13:12.840 --> 0:13:17.319
<v Speaker 1>So hopefully everyone has sort of gone through the snacks

0:13:17.360 --> 0:13:21.520
<v Speaker 1>that there is around it and this time around.

0:13:21.200 --> 0:13:24.800
<v Speaker 3>You can make quite a serious proposal and get it

0:13:24.960 --> 0:13:25.480
<v Speaker 3>back with it.

0:13:25.559 --> 0:13:29.000
<v Speaker 1>That's like twenty twenty seven eight, but yoll get it

0:13:29.320 --> 0:13:31.040
<v Speaker 1>ultimately have a raised.

0:13:31.160 --> 0:13:32.480
<v Speaker 3>It's a spectacular show.

0:13:33.040 --> 0:13:35.920
<v Speaker 1>It brings a lot of you know twitters to that

0:13:36.080 --> 0:13:38.600
<v Speaker 1>hasn't seen many of our sides before.

0:13:40.000 --> 0:13:43.920
<v Speaker 2>And that's our Bloomberg senior Africa reporter Lonely PRINCELYU there.

0:13:43.960 --> 0:13:46.240
<v Speaker 2>Thanks so much, Lonie for joining us, and you can

0:13:46.280 --> 0:13:53.000
<v Speaker 2>read Loney's coverage right now across Bloomberg platforms. Here's some

0:13:53.040 --> 0:13:55.679
<v Speaker 2>of the other stories we're watching in the region this week.

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<v Speaker 2>African countries are concerned that the US may withdraw military

0:14:00.400 --> 0:14:04.319
<v Speaker 2>cooperation and aid, which has helped them fight against terrorists

0:14:04.360 --> 0:14:09.239
<v Speaker 2>and rebellions. US military leaders and officials have expressed concerns

0:14:09.280 --> 0:14:12.720
<v Speaker 2>about the potential withdrawal of aid, and some have hinted

0:14:12.760 --> 0:14:16.360
<v Speaker 2>that it may not continue in its current form. And

0:14:17.240 --> 0:14:20.720
<v Speaker 2>the US Attorney's Office in the District of Utah unsealed

0:14:20.800 --> 0:14:24.720
<v Speaker 2>charges against four citizens accused of participating in a failed

0:14:24.800 --> 0:14:28.360
<v Speaker 2>coup attempt in the Democratic Republic of Congo last year.

0:14:28.880 --> 0:14:32.520
<v Speaker 2>The four men face charges of conspiring to provide material

0:14:32.600 --> 0:14:37.000
<v Speaker 2>support and resources, conspiracy to use weapons of mass destruction,

0:14:37.480 --> 0:14:42.080
<v Speaker 2>conspiracy to bomb places of government facilities, and conspiracy to

0:14:42.240 --> 0:14:45.720
<v Speaker 2>kill or kidnap persons in a foreign country. According to

0:14:45.760 --> 0:14:49.239
<v Speaker 2>the statement, and you can follow these stories across Bloomberg,

0:14:49.360 --> 0:14:52.400
<v Speaker 2>including the Next African Newsletter. Will put a link to

0:14:52.480 --> 0:14:56.840
<v Speaker 2>that in the show notes. This program was produced by

0:14:56.960 --> 0:14:59.920
<v Speaker 2>Adrian Bradley. Don't forget to follow and review this sh

0:15:00.080 --> 0:15:04.440
<v Speaker 2>show wherever you usually get your podcasts. I'm Jennifer Zabasaja.

0:15:04.560 --> 0:15:06.760
<v Speaker 2>Thanks as always for listening. We'll see you next week.