JOHANNESBURG (Bloomberg) -- Porsche South Africa has bought the 72-hectare Kyalami racetrack, which hosted F1 races between 1967 and 1993, for 205 million rand (14.5 million euro).
The track was purchased during an auction in Johannesburg on July 24.
Lance Chalwin-Milton, joint managing director of The High Street Auction Co., told reporters after the auction that Porsche South Africa is going to "keep it as a track. I believe they are going to develop around the track, which will then enhance the value for the owners."
According to a representative of the Stuttgart-based carmaker, Porsche South Africa is an independent importer and not part of Volkswagen Group.
A return to F1 racing at Kyalami is most unlikely, however. Motorsport South Africa Chairman Francois Pretorius told Johannesburg-based City Press three years ago that none of country circuit's meet F1 regulations and that "it would be cheaper to build a brand new circuit than to improve the safety at Kyalami."
Automotive News Europe contributed to this story