Ambitious plans to build a grand prix track amid a purpose-built city in Tunisia have been revealed, with organisers targeting to host a race at the venue in 2021 with innovative cryptocurrency financing methods to raise the $500-million to make the dream come true.
Africa has not hosted a Formula 1 race since the 1993 South African Grand Prix.
The project in Tunisia is led by Bitrace Investments which reports on its website: “Bitrace Investments Limited is a British investment company based in London, UK, which is a member of KJ Holdings Corp. ”
“The company is in process of developing the Tunisia Racing F1 City project, this project consists in building an integrated sports compound including a Formula 1 Track surrounded by top-class hotel and recreational units: (Total Assigned Land: 300 Hectares) in Hammamet, Tunisia.”
“Bitrace Investments Ltd has succeeded to finalize a deal with BDSwiss Holding PLC, to allow its investors (Bitrace Buyers) to Trade Shares, Indices, FOREX, Commodities and Cryptocurrencies with CFDs, using Bitrace Tokens.”
Bitrace points to striking a deal with the FOM a grand prix at a modest price, pointing out that Monaco does not pay hosting fees while the likes of Abu Dhabi and Singapore pay over $60-million for the privilege.
But the organisers led by President & CEO, Khaled Akid are planning to negotiate a deal worth a quarter the amount with the commercial rights holders according to the Bitrace Whitepaper on the project.
Which states:”The negotiation of the Hosting Fee with the F1 Group is essential, in order to have a price that does not exceed the (US) $15-milliom and to be able to introduce F1 to the African continent and in the Maghreb region more specifically. Monaco does not pay hosting fees, Italy pays $7-million and Canada pays $18-million.”
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