Hungarian minister: unprecedented Hungaroring upgrade programme

The Formula One Hungarian Grand Prix is important to Hungary both in terms of PR and prestige, the head of the Prime Minister’s Office said on Sunday.

Speaking to reporters in the Hungaroring paddock ahead of the 39th Hungarian GP near Budapest, Gergely Gulyás said most of the negotiations on the future of the race had been concluded, and an agreement had been reached with the commercial rights holder on the types of upgrades that were needed to secure the race’s long-term future on the F1 calendar.

“The track at Mogyorod isn’t the most modern one, but this has only been the case until now with the launch of a 105 billion forint (EUR 268.6m) upgrade that allows the race to go ahead this year and the next,” Gulyás said, adding that the full extent of the upgrades agreed on with the rights holder will be seen in 2026.

He said most of the 300,000 spectators who flock to the racetrack each year are foreigners, which generated direct revenue for Hungary given that they tended to spend several days or even up to a week in the country.