Wednesday 9 April at 13:38 : A $500m bid to bring formula one back to South Africa is on the rocks, according to a prominent Cape Town politician.

It emerged just over a year ago that a consortium of private investors intended to build a F1-specific circuit near the city's airport.

The leader of the Cape Town caucus, however, claims that the consortium has not received adequate support from the Western Cape premier, Ebrahim Rasool.

"(The investors) are concerned about the Province's evident opposition to the project," Simon Grindrod is quoted as saying by Cape Business News.

It had been reported that the project depended only on the government making the required land available.

"A simple yes or no from the Province would suffice," Grindrod added. "The investors can then make alternative plans."

He said the government's indecision means that Cape Town is "on the brink of losing the project" as the "frustrated investors" consider taking their money elsewhere.

The last South African grand prix was held at Kyalami, near Johannesburg, in 1993.