Formula 1: Bernie Ecclestone Confirms Hungarian Grand Prix Until At Least 2026
Ferenc Sullivan 2016.04.22.
Bernie Ecclestone, the British business magnate who is chief executive of the Formula One Group, has confirmed that the Hungarian Grand Prix, held every year at the Hungaroring motor racing circuit at Mogyoród, near Budapest, will be held at least until 2026.
At a press conference in mid-April press conference held to mark the renovation of the race track’s tarmac surface, Miklós Seszták, Hungary’s Minister of National Development, emphasised that a contract has been concluded on the organisation of the Formula-1 Hungarian Grand Prix up until 2026, but under much better financial conditions. His statement has been confirmed by Mr. Ecclestone, the 86-year-old CEO of the Formula One Group.
He pointed out that the conclusion of the agreement is beneficial both for the owners of Formula 1 organisational rights and Hungary and said that he is always happy to visit Hungary and satisfied that the series will continue to be held.
In turn, Mr. Seszták confirmed that a “significant funding has been set aside” in the 2017 state budget to further develop the Hungaroring motor racing circuit.
The Hungarian Grand Prix has been featured on the Formula One calendar since 1986. Three years ago, parties announced that the contract had been lengthened to 2021, which has now been extended by a further five years to 2026.