Portimao welcomes P1, chases F1?

Having been announced yesterday [Monday] as a host city for the Powerboat P1 World Championship, the Portuguese coastal resort of Portimao has now set its sights on creating a circuit to bring Formula One racing back to Portugal.

According to grandprix.com, plans that were initially announced back in 2003 are set to be revived, with 800 acres of land having been set aside for a new F1 spec racing facility and the Portimao municipal assembly having agreed to a package, including a ten-year tax break, to aid private company Parkalgar - who would plough $250 million into the project.

The current plans are to have the track finished by autumn 2008, before attempting to persuade Bernie Ecclestone to take F1 back to the country for the first time since 1996, when Jacques Villeneuve won the final race held at Estoril.

The Formula One plans come at an exciting time for the coastal resort, which has already secured its place on the P1 Powerboat calendar for the next three years. Announced at the London Boat Show by P1 CEO Nathan Knight, Portimao will host the final event of the 2007 season at the end of September.

"This three-year partnership further strengthens the long term stability of P1 and adds to its credibility as a top tier motorsport property," Knight explained. "Portimao now has a triumvirate of prestigious major motorsport events with P1 joining the Lisbon-Dakar Rally and F1 Powerboats. The city has the proven expertise, resources and infrastructure to ensure that the Powerboat P1 Portuguese Grand Prix becomes one of the most eagerly awaited events in European motorsport, writing a new chapter in Portimao's long and illustrious nautical heritage.

"We are hugely impressed by the city and Marina de Portimao, both as an event venue and entertainment platform. Portimao has recognised that our product provides a solid commercial platform and we shall be working tirelessly with the City to achieve its economic goals and deliver a world class racing event with spectacular entertainment, on and off the water."

Local motorsport fans will now hope that the work that has gone into bringing P1 to the resort will also welcome F1 in the coming years.