Jarama has several problems for modern motorcycle racing:
Firstly the run off areas are too small for it to be homologated for any major competitions, secondly, the owners / operators, RACE, used the surounding land for property developments in the 90s and now there are strict noise restrictions due to the complaints by residents of those properties (go figure, you buy a house next to a race track, then complain abut the noise...)
The track layout is great, but I have never seen any racing there. Before moving away I used to go with my own bike quite regularly for track days, but I haven't been for a while now with the bike. The tarmac isn't so great now but it is still fun. I also go once a year with the classic car club I belong to for the "open day", where owners of classic cars can do a few laps.
Madrid desperately needs a modern circuit to entice the big competitions back from Cataluña, Jerez, Valencia and Alcañiz, but despite various plans being proposed in recent times (Pinto, Barajas etc) nobody is prepared to put up funding in the current financial climate.