The premier car racing event, Formula 1 has announced a partnership extension with the Hungarian Grand Prix for an extra five years until 2032, extending the previous agreement that ran through 2027.
The new deal comes after it was revealed that the Hungaroring, which is the motorsport racetrack in Mogyoród, Hungary, would undergo extensive renovation and development over the next years, including the construction of a new pit structure and main grandstand.
The legendary 4.38km Hungaroring, which is only 20 kilometres from the ancient city of Budapest, has been a stop on the Formula 1 calendar since 1986. Many racing greats have claimed victories there, including Michael Schumacher and Ayrton Senna, who won four and three Hungarian Grand Prixs, respectively.
This season, Fernando Alonso marked 20 years since he won his first Formula 1 race at the venue in 2003. Esteban Ocon won for the first time in 2021, Daniel Ricciardo, who was back in the F1 championship, won in 2014, and Max Verstappen, who finished first last year, have won yet again this year.
This weekend at the Hungarian Grand Prix was a huge hit as more than 3,00,000 spectators showed up. A massive upgrade from 290,000 in 2022.
Formula 1 President and CEO, Stefano Domenicali, said, “It is great news to announce the extension of the Hungarian Grand Prix for an additional five years as we return for another action-packed weekend at the Hungaroring. 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. 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.”
Zsolt Gyulay, CEO and President of the Hungaroring, said, “We are proud and honoured 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. Fittingly, 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, who will always be our main priority, at a world-class venue that will reflect the high standards you come to expect for an F1 race weekend.
“My colleagues and I began work on this significant development project eight years ago and today’s announcement acts as the crowning accomplishment for our collective efforts. I would therefore like to thank everyone involved in getting us to this point today and look forward to many more years of premium F1 racing at the Hungaroring.“