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Negotiations are underway regarding the future of the Hungarian Grand Prix, and it is possible that the extension of the contract will be announced during this race weekend, Ádám Schmidt, State Secretary for Sport, said at a press conference at the Hungaroring.

The State Secretary mentioned that the government’s decision made the National Sports Agency, part of the State Secretariat, the owner of Hungaroring Sport Zrt.

“We are confident that we will be able to report on the contract extension at the Hungarian Grand Prix this weekend. The target date for this is 2032, with an option for a further five years, but the primary condition for this is that the previously announced improvements are implemented on time,” noted Ádám Schmidt.

Ádám Schmidt, State Secretary for Sport, Attila Simon Herendi Porcelain Manufactory’s director, and Zsolt Gyulay President and CEO of Hungaroring Sport Zrt. (L-R). Photo via Facebook/Hungaroing

The state secretary emphasized that the Hungaroring is the second longest active Formula 1 tournament location in terms of the number of races held, but the track goes beyond sporting events, as it is significant for tourism.

This year, the number of pre-bookings is 40 percent higher, with more than 40 percent of them for four-star hotels and 10-12 percent for five-star hotels,”

stressed Schmidt, adding that more than 100,000 tickets have already been pre-sold for Sunday’s race.

Zsolt Gyulay, President and CEO of Hungaroring Sport Zrt., underlined that the preparation process for the race was “extraordinary,” because they not only had to deal with the organization of the race itself, but also with the negotiations on the contract extension, which had been going on for several months.

Renovation work has started on the circuit, the utilities will be completely renewed by the beginning of next year, and the entrance is also being modernized, which is a good sign that the Hungaroring is being renewed after 38 years,”

said the sporting director.

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Gyulay pointed out that practically all tickets for the weekend are sold out, so they expect a full house and a peak in admissions.

“We see that Formula 1 is on the upswing, but Liberty Media has set tough conditions that we are trying to meet. For the 2026 race, the main building and the main grandstand at the finish line will need to be renovated, but it will be difficult to build in a way that will allow the 2024 and 2025 races to take place without problems,” said the CEO, adding that these have made the negotiations for the extension longer and more complex.

It is likely that only six European races will remain on the Formula 1 calendar in the future, and Hungaroring would like to be included in this,”

Gyulay highlighted.

In keeping with tradition, the podium winners of the 38th Hungarian Grand Prix will receive individual prizes made by Herendi Porcelain Manufactory. Attila Simon, the company’s director, told the press conference that they had to choose from 64 million versions of this year’s trophies, which were designed to be both traditional and innovative.

“The trophy is reminiscent of an ancient amphora, but its decoration is completely new, with 18-carat mart gold, and it also features a bird of paradise, which is a symbol of speed and lightness,” noted Simon. He added that the winner’s trophy is 53 centimeters high and the same diameter as the porcelain bowl that will be awarded to the first place in the constructors’ competition.

The trophies were all made within six months and took around 30 people to complete. The prizes have a notional value of  HUF 15 million (EUR 40,091).

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Via MTI, Featured photo via Facebook/Hungaroring

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