Gergely Gulyás said the Hungarian state will save 107 billion forints (EUR 276.2m) with the hosting fee discount negotiated with F1’s commercial rights holder for the contract extension until 2032.
The Formula One Group had made the extension conditional on a full upgrade for the Hungaroring by the 2026 race.
The upgrade is scheduled to be ready by the time Hungaroring hosts the 2026 Formula 1 Hungarian Grand Prix.
Wristbands certifying immunity against the coronavirus will be required to enter the area around Hungaroring from Friday until Sunday.
For most of the race it looked as if Red Bull driver Max Verstappen would take the win, but with just three laps to go Lewis Hamilton picked up the pace to secure victory.
The 34th Hungarian Grand Prix begins today with the free practice rounds and the main sporting event of the summer is again expected to attract over 200,000 visitors this weekend.
Hungary’s foreign minister was also at the F1 event and revealed that after next year’s racing weekend, investments as part of the strategic development program at Hungaroring will begin
Lewis Hamilton faces a battle with defending champion Sebastian Vettel and a hungry Red Bull team as he seeks a victory at this weekend’s Hungarian Grand Prix
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
Mercedes driver Hamilton now has five victories this season which sees him pick up 192 points to lead the F1 pack
It's a three way battle between Mercedes, McLaren and Ferrari at this year's Hungaroring circuit race
Taking place at the famous Hungaroring circuit, the teams will battle it out for the prestigious circuit title