Parkalgar, the company that manages the Algarve Motor Park, has asked the government of PM Pedro Passos Coelho to pay the funds promised by the previous government, in a document sent to the President of the Council of Ministers.
According to Público newspaper, the funds in question amount to €6 million promised to Portuguese racing driver Tiago Monteiro, to finance a GP2 team as a way to promote the Algarve race track internationally.
Parkalgar has also requested that the current government settles some agreements made with the previous government to fund international racing events at the Algarve circuit, as well as promoting the facility internationally.
The funds would be channelled through Parkalgar to Oceanational, the company owned by Monteiro.
According to the report, Parkalgar had previously signed contracts with Monteiro’s company and with British Formula 1 racing magnate Bernie Ecclestone, “boss” of GP2 and F1; the agreed funding was never received.
The financial assistance was promised informally by former Secretary of State for Youth and Sport, Laurentino Dias. The government is yet to comment on the situation.
