![]() Under the new ownership, there have been signs of promise, with a revitalised 2014 calendar including the World Superbikes once more, bolstered by GT Open and the Blancpain Sprint Series, alongside the new Maxi Endurance 32 hour race, the longest continuous endurance race in the world. Finally, the resort also boasts modern and spacious apartments with mountain views. Elsewhere, The Five is a sophisticated restaurant, located over the racing track, while office space is also provided for startup businesses. Thankfully, the circuit was then given the green light to complete all of the works, with the site now boasting an impressive 75-room 'Race Resort' hotel, complete with indoor swimming pool, jacuzzi, sauna, Scottish shower and Turkish bath. This effectively meant that Portuguese taxpayers now owned both of the country's main racing circuits, Estoril having similarly been bailed out of financial difficulties in 1998. Then in September 2013, the State-owned Portugal Capital Ventures acquired control of Parkalgar. Three creditors, Siemens, Ensul Meci and SPIE – who were responsible for the electrical infrastructures at the racetrack and adjacent land – petitioned for insolvency during this period and while the Parkalgar management soldiered on putting forward a variety of restructuring deals, the writing appeared to be on the wall. The problems meant the planned technology park was halted, while the hotel building and apartment blocks were left only partially completed. The Formula One group was another to lose out, being owed around $4 million for the 2010 GP2 race. Substantial debts began to build up, with two of the major creditors being the BCP bank and construction company Bemposta. Drivers and riders alike were much enthused by the layout, which promoted good racing.īut while the circuit's sporting calendar began to establish itself, behind the scenes the finances were beginning to unravel. The first full season calendar included rounds of the A1GP championship, the Le Mans Series, FIA GT as well as a continuation of the World Superbikes, while WTCC and GP2 followed in 2010. The McLaren and Honda teams duly arrived in December 2008, with Spanish test driver Pedro de la Rosa setting the lap record for McLaren at 1m28.719s. Winter Formula One testing was next on the new venue's agenda, the FIA having granted a Grade 1-T license after its own thorough inspections. Sadly, team rider Craig Jones was killed in an accident at Brands Hatch three months before the Algarve round the circuit would unveil a statue in his honour the following year, while one of the corners was named after the Cheshire rider. The event would feature a 'home' team, the Parkalgar Honda World Supersport team having been established in a bid to help promote the new venue. Two days after its opening, the new Portimão circuit received certification by the FIM, allowing its first major event to take place in the autumn, a round of the World Superbike Championships. Impressively, the circuit and its ancillary buildings were completed in just seven months at a total cost of €195 million. The new complex covers 300 hectares of land, with a capacity for up to 100,000 spectators including a VIP tower with 15,000 seats. Integral to the plans were an additional karting track, technology park, five-star hotel, sports complex and apartments. ![]() Unusually, it included considerable elevations changes – far more than seen at most other modern venues – creating something of a dramatic roller-coaster effect. The layout penned by architects Ricardo Pina featured a modern mixed-speed layout conforming to the highest FIM and FIA standards. The final circuit plans were first presented in February 2008, at a lavish ceremony presided over by the Portuguese Ministers for Economy and Innovation, Youth and Sport alongside the Mayor of Portimão and the circuit project director, Paulo Pinheiro. Three years later and the proposals received a new fillip, when the Portuguese Ministry of the Economy and the Ministry of the Environment issued a joint statement supporting the plans to give the region an economic boost by creating new jobs and attracting more tourists.ĭespite opposition from various political parties, the Portimão Municipal Assembly allocated two plots of land totaling 800 acres for the new circuit and associated business park and agreed to concessions to help the private company Parkalgar establish the facility, including a 10-year tax break and a low annual rent for the land. Plans for the circuit were first announced in 2002, but problems in raising the required finances put the project on hold for a number of years.
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