The promoters of the Hungarian GP announced that the Middle-Eastern country secured a new contract which runs until 2026. F1technical.net contacted the minister of Hungarian national development to ask what the new agreement means for Hungary.
The new contract means that Hungary’s place on the Formula One calendar is secure for another decade. The first Hungarian GP was held in 1986 which meant a breakthrough in Formula 1 as it was the first F1 race to take place behind the Iron Curtain.
Asked by F1technical.net on the details of the contract, Miklós Seszták, the Hungarian Minister of national development, replied: „By having agreed with the right holders of Formula 1, we continue a well-functioning work which has been running for three decades.”
The minister said the negotiations were successful since the promoters could reach stable and better financial conditions.
„We lengthened the rights of the Hungarian GP until 2026 with more favourable financial terms. We can be proud of the result as Hungary is the state which has the longest contract with Formula 1 without any interruption.”
The Hungarian track was given a new asphalt layer. The resurfacing work involved the removal and relaying of a top section of asphalt to a depth of between three and five centimetres around the entire 4.381-kilometre lap, which required 2300 m³ of asphalt. In addition, 3970 metres of kerbstone were installed, while 52,000 m² of grass has been laid.
However, some of its buildings have not been upgraded for years. Miklós Seszták confirmed there are plans for further developments.
„We launched the renewed asphalt layer a few days ago, but this is only the first step of the developments.”
„The renewal of the track was the first phase which was financed by the company.”
„If the government approves it, the buildings and the services of the circuit can also be renewed (grandstands, paddock building).”
The minister added that the venue is totally backed by the government which intended to ensure that the event has a long future on the F1 calendar.
„The Hungarian government is determined for one of the biggest sporting event.”
Despite of the fact that Hungary is a small country, Formula 1 plays a big role in its economic life.
„Around 70 million people watch the Hungarian GP and hundreds of thousands of spectators visit the event – 83 per cent of them are foreign fans which means a significant touristic income.”
„The Hungarian GP is vastly important in terms of national economy as every single Hungarian GP raises the national GDP by more then 17 billion HUF (close to 55 million Euro).”