35 billion forints (EUR 115 million) will be spent in three stages on developing Hungary’s Formula One track Hungaroring, which has hosted the Hungarian Grand Prix since 1986, to ensure that the motorsport race track will continue to be included in the Formula One race calendar after 2026.
Minister of Foreign Affairs and Trade Péter Szijjártó made the announcement at the race track in Mogyoród on Saturday following a meeting with Chase Carey, Chairman and CEO of the Formula One Group, owner of Formulae One’s commercial rights.
“There is a 35 billion forint development strategy for Hungaroring before the Cabinet, within the framework of which the budget will be providing 5 billion forints this year for the refurbishment of the public utilities system and grandstands”, Mr. Szijjártó said, adding that 20 billion forints will be available in 2018 for modernising the paddock and the pits, and 10 billion forint will be spent in 2019 on completing these tasks and significantly increasing the number of parking spaces in the vicinity of the track.
“Mr. Carey was glad to hear this news, which has made it clear to him that Hungary is committed and serious about ensuring that the Hungarian Grand Prix remains on the race calendar following 2026”, the Minister said.
“There have been positive changes in the leadership of Formula One since American mass media company Liberty Media purchased the commercial rights from Bernie Ecclestone at the end of last year, and these changes are also good news for the Hungarian venue”, Mr. Szijjártó explained.
“Hungaroring is a traditional race track that has been hosting Formula One races non-stop for 30 years. Mr. Carey made it clear to me that that the company doesn’t want 21 similar and uniform race venues, but a colourful and exciting race calendar”, the Minister said, highlighting the fact that Budapest, with its 30-year history of hosting the Grand Prix, brings colour to Liberty Media’s new approach, and accordingly the management regards Hungaroring as an important element of the Formula One championship series.
“It is clear that the new management wants to make Formula One more open and people-friendly, and Budapest fits in excellently with this approach in view of the fact that the track is just 15 kilometres away from the city centre, where everything is people-friendly. This is something we fully agree upon”, Mr. Szijjártó declared.
The 32nd Formula One Hungarian Grand Prix begins at 2 p.m. on Sundays afternoon.
(MTI)
