The Prime Minister of Portugal has announced that he is ready to “formalise the return of Formula 1” to the country for the 2027 season.
Portugal last hosted a Grand Prix back in 2021, staged at the Algarve International Circuit in Portimao.
It also hosted the same event in the Covid-affected 2020 campaign, with both races being won by Lewis Hamilton.
Its more recent taste of F1 has seemingly prompted a desire to put itself back on the map on a more regular basis, and can boast continuing experience hosting top-level motorsport.
The Portimao circuit has hosted races in MotoGP since 2020, something that Prime Minister Luis Montenegro has cited as a helpful example of its ability to bring it back to the F1 schedule.
“One of the circumstances that most contributes to promoting this region is major events,” he was quoted as saying.
“We have secured the MotoGP, the world’s premier motorcycling event, for 2025 and 2026.
“And I can tell you that we have everything ready to formalise the return of Formula 1 to the Algarve next year, in 2027.
Financial implications of hosting F1 race ‘well worth it’
Mr Montenegro acknowledged that the country will have to stump up a significant amount of money in order to host a potential Grand Prix,.
But he indicated that the benefits in the long run will outweigh any initial financial strife.
“These events require some financial effort on the part of the government, but they have a direct financial return and an indirect promotional return that are, quite frankly, well worth it.”
2020 was the first time the country had hosted an F1 race since 1996, having been regularly held at Estoril from 1984.
The 13 iterations of the Portuguese Grand Prix in that time saw a number of significant moments in F1 history, the first being the race in which Niki Lauda secured his third and final World Championship.
Just one year later, in 1985, Ayrton Senna came of age at a rain-sodden race, taking his maiden Grand Prix victory.
Alain Prost, who lost out on the title to Lauda in ’84, took his fourth championship at the same circuit in 1993.
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