South Africa rules out F1 race before 2011

The country moved closer to see Formula One back after a new company - Guateng Motorsport Company - was set up last week bring top class events to the Kyalami circuit.

However, Guateng Motorsport Company's newly-appointed chief execute Steve Watson says it's still too early to starting thinking of hosting a Formula One race.

"We'll conclude our assessment early next year and in terms of hosting an event, I wouldn't be pro the hosting of one before 2010 because we've got enough on our hands as a country at the moment," Watson told the Sunday Times newspaper.

He said, however, that the current financial crisis would not affect their future projects.

"The proposition we have isn't based on the backing or manufacturers, it's more of an economic and tourism benefit through hosting events that are established," he said.

"We've seen these cycles before so we've been heads down working on his initiative - what happens in the economy around us happens.

"We'll keep aggressively pursuing the model we've built and believe will work. The Gauteng motorsport programme is not reliant on a manufacturer-backed programme."