In a statement, Cascais City Council, in the district of Lisbon, said it intends to acquire the facility through the acquisition of Parpública, which aggregates state-owned holdings in companies.

"In 2026, it will be 30 years since the last Grand Prix was held in Estoril. At that time, we will restart a new stage of this legendary world circuit, with the municipality taking over the management of this facility," said the vice-president of Cascais City Council, Nuno Piteira Lopes (PSD), quoted in the statement.

According to the city council, the details of the acquisition were discussed in a meeting between Cascais City Hall and the Secretary of State for Tourism, Commerce, and Services, Pedro Machado, on Monday.

This is not the first time that Cascais City Council, currently presided over by Social Democrat Carlos Carreiras, has attempted to purchase the Estoril Racetrack from the state.

In 2015, Cascais City Council moved forward with the acquisition of the facility for approximately five million euros, but the deal was rejected by the Court of Auditors.

The Estoril Racetrack was inaugurated in June 1972 as a landmark facility for tourism in Cascais.

In addition to acquiring the racetrack, Cascais City Council also intends to negotiate the return of Formula 1 to Estoril in 2028 and guarantee the hosting of a MotoGP race in 2027, guaranteeing "full availability to make the necessary improvements, together with private partners."

According to Cascais City Council, the meeting with the Government also discussed the management of the Estoril Hotel and Tourism School, which the municipality intends to take over “in partnership with NOVA, allowing for the modernisation and requalification of the school”.