The Hungarian Grand Prix remains on the calendar until 2027
The Hungarian Grand Prix, whose contract with Formula 1 was valid until 2026, has been extended by one year. The Hungaroring will remain on the calendar until at least 2027.
In 2016, a long-term contract was signed between the Grand Prix promoters and Formula 1 for a race to be held until 2026. However, in the current context, the two parties have reached an agreement to extend Formula 1’s presence in Hungary by one year. During this extension, certain terms of the contract have been modified. Indeed, the circuit’s registration fees to host Formula 1 will decrease, as will the organization costs for the 2020 event.
As a reminder, the Hungaroring will host this year’s F1 Grand Prix behind closed doors in the current context of the COVID-19 pandemic. The Hungarian round will count as the 3rd race on the rescheduled calendar. It will take place the weekend of July 17th to 19th, after the 2 Austrian Grand Prix.
Zsolt Gyulay, president of Hungaroring Sport, comments on the contract extension of the circuit and the hosting of the race this year: « We have been in contact with Liberty Media on how to compensate for the missing profits, as the organizational cost is not lower in the event of a closed event. We did our best during the discussions to secure a good deal for both the country and the sport, even in these tough times. We cannot disclose the exact figures, but the fee is a fraction of what we pay in the case of an open event. »
The second part of the negotiation also concerned the duration of the contract, with this year ultimately being neutralized and thus an extension of an additional edition: « Moreover, we obtained an extension in our contract, so it is now valid until 2027 instead of 2026. The annual increase in the fee has also been reduced, so we have saved several billion forints [Hungary’s national currency] for the state. Overall, I can say that we have been wise and have saved a lot. » concludes Zsolt Gyulay.
Hungarian Minister of Innovation and Technology, Laszlo Palkovics, comments on the holding of the 2020 Grand Prix in the current context: « Several international events had to be canceled, but we didn’t want to take any risks with the F1 race in Hungary, so we were open to all options during the discussions. We exchanged numerous emails with Chase Carey, CEO of F1, and provided him with some advice to make the behind-closed-doors event more exciting. They took some of them. »
If the option of a double race was considered, ultimately only one race will take place on the Hungarian circuit: « The option of organizing two races also surfaced during the conversation, but fortunately, the pandemic situation improved in other countries as well, and the rights holder wanted to participate in races in as many places as possible. We assured Mr. Carey that we would provide all our assistance to the F1 family upon their safe arrival in our country, whether by road or by plane. »
