The event was first held in 1987 at the Jarama circuit in Spain. The reason for this was because the main Portuguese circuit at the time, the Circuito do Estoril, was not yet ready to be used for motorcycle racing. However, Portugal still wanted to host a round in the championship that year and so opted to use the Jarama circuit until their own was ready for use. In 1988, a second race was held at the new Jerez circuit which was also located in Spain. The original plan was to host the race in Portugal at the Estoril circuit, but Jerez was chosen instead. The race was also named 'EXPO '92', referring to the expo of a similar name held at the Spanish city of Seville that year. This makes Portugal the only country to host multiple grands prix under Portuguese flag and name despite the locations of the venues not being located in the country itself.