Cape Town may soon become the Monaco of Africa, with Motorsport South Africa to decide this month if it will support a bid to bring Formula One racing back to South Africa. Formula One Group boss Bernie Ecclestone has been reported as saying he wants to see it happen by next year and the bid company, Cape Town Grand Prix SA, has proposed that the race be held through the streets of Green Point.The design entails the street track going through Cape Town Stadium.But the government is not waving the chequered flag yet.Cape Town Grand Prix SA CEO Igshaan Amlay said his team had spent the past seven years working on the bid."We believe the event will be a massive cash injection for the economy, and that not a lot needs to be done in terms of infrastructure."Amlay said they needed endorsement from the government before the International Automobile Federation, Formula One's governing body, approved the track design and the funder released money.He would not name the funder, but said it was a major international car manufacturer that had a team in the Formula One championship.Amlay, a former political prisoner, said he got the idea for the Grand Prix 16 years ago, while working on Robben Island."We've done financial projections based on studies overseas. A lot of people underestimate the ripple effect. In those four days [of the event] we will make more money than the World Cup made in 30 days."The bid company's chief operating officer, Bjorn Buyst, said the track would cost between R100-million and R300-million to prepare. "The roads get asphalted to F1 specification. We pay for that. Barriers and seating will cost R80-million. We will use mobile seating that will come down and be reused every year. The costs are much lower than a lot of people imagine."sub_head_start Significant Costs sub_head_endThe Western Province Motor Club disagrees.Executive manager Des Easom said the latest cost estimate for assembling and dismantling all the temporary infrastructure for a single Grand Prix was R750-million."In addition, there are significant costs involved in the actual running of the event - access control, safety measures, staffing, electronics, crowd management and logistics."Amlay said the team had made a presentation to the City of Cape Town, but mayoral committee member for tourism, events and economic development Garreth Bloor said the city could make an informed decision only once a formal proposal had been received."At the moment we're looking at a memorandum of agreement as a starting point," said Bloor."Once we have received a proposal, we will take it to the relevant structures of council."Sports Minister Fikile Mbalula also said he had not heard about the bid, but Amlay showed the Sunday Times a letter from the director-general of sports, saying the bid team must approach the South African Sports Confederation and Olympic Committee and get a letter of support from Motorsport South Africa before the minister would consider the bid.Motorsport South Africa CEO Adrian Scholtz confirmed that a meeting was scheduled for early this month. "Once it has heard the presentation, the MSA board will be in a position to make a suitably informed decision."The Green Point ratepayers association is not opposed to the race."In principle we don't have a problem ... We have to look at the infrastructure. It's also important that the city is on board," said spokeswoman Jane Meyer, who has met the bid team.sub_head_start Ocean views and high-speed corners sub_head_endOnly two tracks in South Africa have hosted official Formula One races.The first was the East London circuit, where seven races were held between 1960 and 1966.The series then moved to Kyalami in Johannesburg, which hosted 18 grands prix, starting in 1967. Formula One stayed away from South Africa in the last years of apartheid before returning to Kyalami for two seasons: 1992 and 1993.Cape Town's Killarney track hosted two events in the 1960s, but neither was an official championship race.Dave Kirkman, now the spokesman for the East London circuit, was 10 when he attended his first grand prix in 1962 - the last race of the season that year and one of the highlights of Formula One's history in this country.Graham Hill won the drivers' championship on that day. His BRM team won the constructors' championship at the same race."It was an amazing day," said Kirkman. "People camped for two days before the race and about 90000 people attended."Hill did a victory lap and before he was done there were already people on the circuit. They stayed there and partied late into the night."Kirkman said fans had had more access back then: spectators could get close to the pits and were able to see the drivers.He described the East London circuit as a natural amphitheatre."The track is right on the coastline, and the ... beach straight is next to the ocean. As you go inland it elevates and wherever you're parked or seated, you overlook the whole circuit and the ocean."[It] is spectacular in terms of setting and compares with the most beautiful in the world."He said it was unusual in the racing world in that it gave spectators a view of nearly the entire track.The East London circuit was the fastest in Africa and had the fastest corner of any race track in the southern hemisphere, Kirkman said.But after Kyalami opened in 1961, it was difficult for race organisers to ignore the draw of bigger crowds and more money in Johannesburg.The 1967 Kyalami race was won by Mexican driver Pedro Rodriguez after Rhodesia' s John Love, who had been leading, went into the pits. Love finished second. In 1975 there was a famous home win for Jody Scheckter, who became world champion in 1979."Kyalami had fantastic corners and the altitude there made the engines perform differently," said Scheckter."There were fewer rules and regulations than there are now. I would probably have been banned [if I were still racing]."Kyalami was the only F1 venue where races were held on a Saturday, instead of a Sunday, for religious reasons. ..