Which classic F1 venue will return next?

A wag once suggested that "nostalgia ain't what it used to be", and, when it comes to Formula 1 that saying generally rings true, particularly where rose-tinted-spectacle-wearing fans are concerned.

Could grands prix of yore, with their driver mortality rates of 20 per cent and a bag of rag-tag entrants who at times battled to raise their number above a dozen, even compete with today's slick, multi-billion dollar 'show'?

Yet, there is no denying that the 'good ole days' did have merit, particularly when it came to pulling hordes of fans to crude, ramshackle venues, with crowds of over 200,000 spectators not unheard of - even when Ferrari boycotted events after (regularly) falling out with then-governing body CSI, or failing to agree suitable 'starting fees' (equally regularly).

True, ticket prices were a fraction of current levels - even adjusted for inflation - and such were the vagaries (and costs) of travel that fans generally had one shot at a race each year (save in Europe), while a dearth of international television coverage meant they had a choice: attend a race or miss out on your F1 fix for 12 months.

All this was, of course in the years BC - 'Before CVC' - but there is absolutely no denying that in the nostalgia stakes Imola beats Istanbul hands down, and Mokpo couldn't hold a candle to Montjuich.

Mexico drew huge crowds © XPB

However, there are welcome signs that, against a backdrop of plummeting TV ratings and dwindling live audiences, the sport's commercial-powers-that-be have recognised the folly of expanding to territories new (for which read 'Asia') at any cost (income), with two historic venues making their returns in as many years, and conspicuously successfully so.

They are, of course, Spielberg's Red Bull Ring (Austria) and Mexico City, both of which played to sellout crowds, the last-named in particular attracting Friday crowds (85,000) that arriviste circuits would kill for over three days. Crucially, where F1 returned to former territories rather then ex-venues - think the USA/Austin - results have been rather heartening, with a race-day (paying) crowd of over 80,000 at this year's race despite Hurricane Patricia.

More, though, of Austin anon, for the event has steadily lost money, so much so that this year the promoters were unable to agree terms with Mario Andretti, America's only living world champion, over the legend's role as race ambassador.

The successes (to date) of Austria and Mexico should not, though, be taken as sure signs that returns to former grand prix venues will automatically result in sellout events.

The championship has a perverse history of enthusiastically embracing any (half) successful 'fad' in the belief that it can be universally applied. Yet, more often than not such attempts have ended in failure, even if only relatively.

To pluck examples: as soon as a lithe Mongolian proves rapid in an F1 car, every team boss scours the Gobi Desert in search of the next champion; when a city successfully stages a night race, all host cities, regardless of timezones, are urged to follow suit and spend gazillions on lamps and lighting. Nature teaches that a single swallow does not a spring make, yet F1 perennially fails to take such lessons aboard.

Still, off the back of Mexico's success, three former venues have recently spiced F1 conversations, namely Kyalami (South Africa), Buenos Aires (Argentina) and Zandvoort (Netherlands).

Kyalami last hosted F1 in 1993 © LAT

South Africa was dropped into the mix during a BBC radio interview with newly-crowned triple champion Lewis Hamilton, who opined that one of the attractions of his "job" was racing across the world, particularly at exotic venues.

Asked which circuit he would like to visit next, the Briton 'ummmed' and 'ahhhed' before the presenter mentioned Kyalami. Suddenly Hamilton's voice lit up, and he stated father Anthony "is working on a race in South Africa". Why he initially overlooked that detail went unexplained...

However, sources in the country are adamant Hamilton Sr is working with a Cape Town consortium, rather than with the new owners of Kyalami, who acquired the circuit on auction two years ago. They have spent around £20million upgrading the venue, with recent inspections by FIA race director Charlie Whiting said to be encouraging.

That said, many false reports have blighted hopes of a return to the tip of the only (inhabited) continent to not host a grand prix. The country is suffering major economic challenges - its Rand has devalued 30 per cent against F1's benchmark currency (US dollars) in 12 months - while the after-effects of its controversially acquired FIFA World Cup will surely impact on any chances of government subsidies. Still, a nice idea...

Also discussed during the BBC broadcast was Argentina, and here Lewis was prescient, for days later in Mexico, F1 tsar Bernie Ecclestone mentioned the possibility of a return to the South American country, although, as always, there was a touch of "needle" aimed at European promoters.

Ecclestone did, though, add the rider that "It can happen; not will, can...", with Federico Gastaldi, deputy team principal for Lotus, alluding to upcoming national elections as a possible deal-breaker/maker.

"Some homework is being done this year and we might be able to work things out if it's the right environment," said Gastaldi, whose family promoted the last bout of grands prix in the country in the late nineties.

Argentina made a brief F1 return from 1995-98 © LAT

"[The promoters] have a good group behind us, [so] that if Bernie is happy with the new official environment it could work out." Again, too many caveats...

The situation surrounding Zandvoort is equally vague, for during an impromptu visit by this writer to the Dutch sandy seaside resort immediately after the Russian Grand Prix the point was made by a circuit official that F1 did not feature in the venue's immediate plans despite the impressive performances put in by Belgo-Dutch F1 rookie Max Verstappen.

Indeed, a cursory tour of the circuit and facilities raised questions about the compliance of this former grand prix venue - much changed in layout and character since the Dutch Grand Prix was last hosted there in 1985 - with contemporary standards despite Verstappen's demonstration runs in June in a Toro Rosso.

That the circuit can accommodate one car during demo run goes uncontested; but could 24 battle it out for two hours? In fact, where would 100,000 punters be seated? Among the dunes? Too many questions.

Why, then, was the idea of a Dutch Grand Prix floated at all? In a word: 'politics'. The surest way for political hopefuls to score headlines is to suggest that grands prix could hit town if his/her/their party wins upcoming elections.

In this case it was Jerry Kramer, leader of the VVD Liberals in Zandvoort, who suggested the concept of a public-private partnership, but he had clearly not held (in-depth) discussions with the circuit's concession holders about the feasibility, nor had he considered why Rotterdam's (formerly Bavaria) City Racing event this year was cancelled due to a lack of commercial support.

Austin has been a success, but is under financial pressure © XPB

However, let's be absolutely clear here: There is no shame in not complying with F1 standards if the category does not form part of a given venue's business plans. Why, after all, commit enormous sums to upgrading of venues unless F1 is the ultimate objective - which is simply unfeasible for most privately operated circuits.

Which, then, begs the question: Why did the Red Bull Ring and Mexico City prove so successful when Kyalami, Buenos Aires and Zandvoort are unlikely to cut the mustard any time soon? For that matter, is Austin's grand prix endangered given that the venue's $26million annual state subsidies - based on complex formulas that factor out-of-state spend on hotels and car rentals - are likely to be cut by 30 per cent?

Couple that with dropping race day attendances - down this year by 30 per cent in comparison with 2012's inaugural race, prompting promoter Bobby Epstein to dish tickets out to schools and civic services to fill the stands - and escalating race hosting fees, and little wonder Ecclestone told this column in Mexico: "I think you'll find Bobby will be happy if the loss [on this year's race] is only $10million."

He indicated the loss was closer to $15m, and that was even before the latest cut in subsidies was officially mentioned...

The answer to the resurgence of two historic grand prix venues lies in the visions and efforts of two extremely wealthy entrepreneurs, respectively Dietrich Mateschitz, the Austrian Red Bull magnate who purchased the run-down Spielberg venue, and Carlos Slim Domit, FIA world council member, and son of the telecom magnate many reckon to be the world's richest man.

Saliently, Spielberg is situated in Mateschitz's home region, and he upgraded the circuit into an F1-standard facility at great personal expense as part of his project to pump millions into Styria's infrastructure.

It helps, of course, that a portion of the hosting fee (around 15 per cent) flows back via revenues earned by his two teams, but it is undeniable that without his efforts F1 would surely be one historic European venue lighter.

Equally, without Slim's efforts Mexico would still feature on F1's 50-odd-strong 'former grand prix venues' list. While the Slim family did not personally bankroll the event, their support and enormous influence surely facilitated it, with the marketing efforts of CEO Alejandro Soberon and experience of Tavo Helmund, an initiator of the Austin project, adding the decisive touches that turned it from mere race to festival.

Austria has a long F1 heritage © LAT

True, the fact that Austria and Mexico have deeply-entrenched motor racing cultures aided them immeasurably in their tasks, but, then, Germany and France have long F1 histories - yet neither features on the 2015 calendar. Talking of which, why has talk of Monza's future and possible replacement by Imola gone dead? Equally, is Azerbaijan's race really on? This column hears disturbing rumours...

The primary (entrepreneurial) ingredients provided by Mateschitz and Slim - and their respective circuit managements - are no different to those brought to bear on Singapore by Colin Syn and Michael Roche, who managed to turn a street race cutting through the city state into one of F1's best (and, so far, enduring) spectacles at a time when the survival rate of new events is below 50 per cent.

Consider: Istanbul, situated on the fringes of one of the world's most populous cities and within a three-hour flight from most European cities, pulled less than a quarter Mexico's crowd; Valencia could have achieved so much more with an injection of Mediterranean flair. Delhi and Mokpo, simply put, should never have been granted dates, so far off F1 standards were their organisational powers.

All of which proves that Formula One Management needs to delve beyond balance sheets and state subsidies when awarding race-hosting contracts; instead examine the entrepreneurial skills of applicants. Surely races continuously paying $15m in fees are vastly preferable to those paying $50m once-off before folding.

True, returns to Kyalami, Buenos Aires and Zandvoort - and Imola for that matter - would be most welcome, and if prospective events draw on some form of F1 tradition, so much the better.

However, history and fat, state-aided fees alone are clearly not sufficient - entrepreneurial flair is as crucial as the ability to write cheques, as Austria, Mexico and Singapore have so deliciously proven.

Now, there is a 'fad' well worth copying - the sooner FOM realises that, the better for all concerned.