Sky Sports - Portugal chasing F1 return?
Having been announced on 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 racing facility.
The Portimao municipal assembly have also 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 1997, when Mika Hakkinen took his maiden win at Estoril.