EXHIBIT 21.1


                            SILVERSTAR HOLDINGS, LTD.
                             PRINCIPAL SUBSIDIARIES
                               AS OF JUNE 30, 2003






            Name                                     State of Incorporation           Conducts Business Under
            ----                                     ----------------------           -----------------------

                                                                                  
First South Africa Holdings (PTY), Ltd.                   South Africa                         Same
First South Africa Management Corp.                         Delaware                    Silverstar Holdings
Fantasy Sports, Inc.                                        Delaware                           Same
Student Sports, Inc.                                        Delaware                           Same