Moves to bring South Africa back to the formula one calendar have taken a major step forwards.

Moves to bring South Africa back to the formula one calendar have taken a major step forwards.

Last Friday, the newly-formed company Gauteng Motor Sport Company (GMSC) made public its ambition to organise a grand prix near the South African province's capital Johannesburg.

The announcement coincided with the FIA World Motor Sport Council meeting in Monaco, where the cost-cutting measures for formula one raised questions about whether the timing is right to press ahead with plans to enter the sport.

"The proposition we have isn't based on the backing of manufacturers, it's more of an economic and tourism benefit through hosting events that are established," GMSC chief executive Steve Watson was quoted as saying by South Africa's Times newspaper.

It is believed the F1 project is based on the existing Kyalami circuit, last host of the South African grand prix in 1993.

A detailed study into the feasibility of the project has been commissioned.

Watson added: "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 I believe we've got enough on our hands as a country at the moment."