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Record Revenue at F1 Hungarian Grand Prix, Contract Extended Until 2032

• 24 Jul 2023 12:00 PM
• Hungary Matters

Max Verstappen showcased his F1 dominance in Hungary by securing a commanding victory over his competitors, Lando Norris and Sergio Perez.

This remarkable performance at Hungaroring marked his seventh consecutive triumph as the reigning double world champion. Also, his team Red Bull achieved an impressive milestone in Hungary with their 12th consecutive win, surpassing McLaren's long-standing record in Formula 1.

The Hungaroring’s contract to host the Formula One Hungarian Grand Prix has been extended by five years until 2032, Ádám Schmidt, the state secretary for sports, F1 CEO Stefano Domenicali and Zsolt Gyulay, chief executive of Hungaroring Sport, the organiser of the Hungarian Grand Prix, said.

Schmidt told the press conference that the Formula One Group had made the extension conditional on a full upgrade for the Hungaroring by the 2026 race.

He said the plan was to close the public procurement procedure for the upgrade by the end of the year and start preparatory works in early 2024, adding that the new contract had been signed by Defence Minister Kristóf Szalay-Bobrovniczky.

The Hungarian Grand Prix has been a fixture on the F1 calendar since 1986, making the Hungaroring the second oldest track behind Monza to host races without interruptions, Schmidt said. Domenicali said F1 wanted to see the commitment and effort to upgrades displayed by Hungary at every venue.

Gyulay said the Hungaroring would undergo a complete upgrade by 2026, including the pit lane and paddock building, the main grandstand and the fan zone.

He told MTI on Sunday that some 303,000 fans had attended this year’s race weekend, generating record revenue for the event.

MTI Photo: Zsolt Czeglédi

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Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

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