The Hungarian Grand Prix has been granted a new 10-year deal to remain on the Formula 1 circuit following a renovation project by the Hungarian Government.
The recent resurfacing of the Hungaroring track along with an upgrade to the venue led to the new deal being extended to 2026.
The globally televised race has been on the Formula 1 calendar since 1986 and Grand Prix supremo Bernie Ecclestone was personally behind securing the deal with Hungary.
“Yep, we’ve a new deal,” he told Autosport. “They’re good supporters, they do a good job, good for the country, good for us, and I’m very, very happy we’re always in Hungary, and we’re staying there.”
The deal was welcomed by Miklos Sesztak, minister of national development.
“I can reveal the 2017 budget submits substantial resources earmarked for the development of the circuit," the minister said. "The resurfacing work that has just finished was the first step.
Without giving out secrets regarding the details of our contract, I can tell you we’ll be able to organise and run our F1 race for another five-year period under favourable terms.”
The investment in the Hungaroring is the latest in a long line of renovation projects implemented by the Hungarian government over the past 12 months. Along with major infrastructure development, Hungary is embarking on a new era with a prosperous future ahead.