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Jul 31, 2017

Hungary announces 35 billion HUF investment for F1 Hungaroring track as Sebastian Vettel takes 2017 title

Hungary's foreign minister said the development will be implemented in three stages to ensure the motorsport race track will continue to be included in the Formula One race calendar beyond 2026

Hungary's foreign minister announced a 35 billion HUF investment for the F1 Hungaroring circuit as Sebastian Vettel wins on the famous track.

Péter Szijjártó, minister of Foreign Affairs and Trade, said the development will be implemented in three stages to ensure the motorsport race track will continue to be included in the Formula One race calendar beyond 2026.

The minister made the announcement the day before Sebastian Vettel battled through problems with his Ferrari to take the 2017 Hungarian Grand Prix title.

Minister Szijjártó met with Chase Carey, Chairman and CEO of the Formula One Group, owner of Formula One’s commercial rights to outline the plans.

“There is a 35 billion HUF development strategy for Hungaroring before the Cabinet, within the framework of which the budget will be providing 5 billion HUF this year for the refurbishment of the public utilities system and grandstands," Minister Szijjártó said.

The minister added that 20 billion HUF will be available in 2018 for modernizing the paddock and the pits, and 10 billion HUF will be spent in 2019 on completing these tasks and significantly increasing the number of parking spaces in the vicinity of the track.

“Mr. Carey was glad to hear this news, which has made it clear to him that Hungary is committed and serious about ensuring that the Hungarian Grand Prix remains on the race calendar following 2026," the minister said.

“It is clear that the new management wants to make Formula One more open and people-friendly, and Budapest fits in excellently with this approach in view of the fact that the track is just 15 kilometers away from the city center, where everything is people-friendly. This is something we fully agree upon," Minister Szijjártó concluded.