Five-year contract extension signed on Hungaroring

MoD State Secretary for Sports Ádám Schmidt, Stefano Domenicali, President-CEO, Formula One Group and Zsolt Gyulay, President-CEO, Hungaroring Sport Zrt. announced the extension of an existing deal originally valid until 2027 at a press conference.

During the announcement, Ádám Schmidt said that the race series’ rights holder made the extension conditional on the Hungaroring’s complete renewal by the 2026 race. “According to our plans, the result of the public procurement procedure will be announced by the end of this year, and then, after the government’s making a supportive decision, the contract will come into force as of early 2024, and the preparatory works can start”, said the State Secretary, adding that the extension of the contract was signed by Defence Minister Kristóf Szalay-Bobrovniczky on behalf of the Ministry of Defence.

Ádám Schmidt pointed out that the Formula-1 Hungarian Grand Prix has been held every year since 1986 without interruption, which makes the Hungaroring at Mogyoród second only to the Monza Circuit, Italy in the list of races that have been continuously on the calendar. “This race has long since gone beyond a simple sporting event: it is one of Hungary’s most important international events, with tens of thousands of foreign fans visiting the country every year, and the television broadcast is seen around the whole world”, he added.

Stefano Domenicali said that “to see the commitment from the promoter in Hungary to develop the facilities and further enhance the experience for fans is another important step and something we want to see all our events doing in order to continue to improve and make our races even better. The president-CEO added that “It is a very special circuit next to the incredible city of Budapest and one all of the drivers and our fans look forward to on the calendar.”

Zsolt Gyulay said that according to plans, the track will be completely renewed by the 2026 Hungarian Grand Prix. “The updates to our famous circuit – which include renovations to our Main Paddock Building, Main Grandstand and Spectator Zones – are expected to be completed by 2026. It will be a source of great satisfaction to host the teams and fans […] at a world-class venue. We are proud and honored to have agreed this contract extension. Given the astonishing rise in F1’s global popularity, which now sees more venues than ever before competing to join the calendar, today’s signing marks a hugely significant achievement for us”, he stated. “My colleagues and myself began work on this significant development project eight years ago, and today’s announcement acts as the crowning accomplishment for our collective efforts”, he added, saying that he is “infinitely happy” for it.

Defence Minister Kristóf Szalay-Bobrovniczky presented the first prize trophy to Max Verstappen of the Netherlands and Oracle Red Bull Racing at the announcement of race results of the Formula-1 Hungarian Grand Prix on Hungaroring, Mogyoród on 23 July.