Algarve Historic Festival

[delta]

Sounds good but can come clever clog explain to me in sruffy mechanic terms what this will meen to us racers going back down next year.Thanks for the post Phil.

[Peter Mallett]

Hmm,

It means the court has allowed the owners to default on their "small" loans and just deal with the bigger ones. It further means that they (the debtors) have to manipulate the funding to suit an imaginary timeline. Ultimately this is like (I stand to be corrected) chapter 11 in the USA, where the debtor is given more time to find enough money to pay his creditors. A bit like what BE did with Donington. So, if you believe in fairies you may well be racing there next year. Reality however may be somewhat different.

A shame really, because I was thinking of this event rather than Spa next year.

[terence]

Originally Posted by delta

Sounds good but can come clever clog explain to me in sruffy mechanic terms what this will meen to us racers going back down next year.Thanks for the post Phil.

As an aside,excellent opportunity to get to know the Portimao and Ascari tracks from 22/24th March next year

[johngee]

I suspect that any organiser's 'deals' with the local tourist board for subsidies towards circuit hire and/or hotel accomodation will be a thing of the past.

[morninggents]

I can't see this working. The larger creditors have got their way and probably hope to recover some of their write-offs by charging higher rates on new (well underwritten) loans. The smaller creditors, as usual, will have to lump it.
The idea of a 'Technology Park' in these financially lean times is ludicrous.
Probably 2013 Autumn festival will be OK as the circuit owners totter on but I can't see 2014 or beyond happening unless there is a fundamental change in approach. There are not enough wealthy individuals around to make these very expensive 'festivals' viable.

[Mike Bell]

Originally Posted by johngee

I suspect that any organiser's 'deals' with the local tourist board for subsidies towards circuit hire and/or hotel accomodation will be a thing of the past.

Yes John, think that is a certainty. My interpretation is that next year track will be available should organisers want to 'risk' an event. But incentives funded by local tourist board won't be on offer.

Personally, if we have an event to go to and I can fill the truck with cars, will always make the trip......

And let's not forget that there are other circuits- some in Northen Europe- also struggling with debt!

[pegginton]

I have now seen the judgement and it actually appears to be an approval that the process has been followed rather than an endorsement of the detail of the plan. Even after four years doing business in Portugal I continue to be amazed by how their systems work compared to the comparative logic of northern European ones!

As people have said the only real beneficiaries of the plan are the major bank and the builders of the circuit. All the hoards of people who have done services to the circuit and are owed money will get 30% of it over the next 15 years. That is a great incentive for others to come along a provide basic services like security, electrical installations, waste disposal etc (all of whom are on the list)..

On top of that it looks to me that just about every co-promoter of events has is owed money of which again on 30% will be paid over 15 years.. so great incentive again to go racing there...

All such a pity...as you will all agree it is such a great drivers circuit...

[Mike Bell]

Originally Posted by pegginton

On top of that it looks to me that just about every co-promoter of events has is owed money of which again on 30% will be paid over 15 years.. so great incentive again to go racing there...

All such a pity...as you will all agree it is such a great drivers circuit...

Yes it is a great circuit, and like Spa or Nurburgring, it will not benefit anyone if it is closed down or whatever. I would guess that organisers of the October Historic meeting promoted the event and just paid to hire the circuit. Working that way should give future organisers some security?

[delta]

Hmmmm,wonder how much the spectator had to pay to get in this year.

[Diogo Ferrao]

Hi!

You can find the some results in the following page that the circuit almost made secret....
http://www.algarveclassicfestival.com/prog.html

Thank you very much for the last minute British entries in our local race series. Was a bit chaotic of our point of view but I believe everyone love the mix of the cars between the British and the locals and in the end everyone had great fun.

Also wanted to thank Ten-tenths as there was a couple of people that the first time that listen about the Iberian racing series was in ten-tenths.

Best regards
Diogo Ferrão