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Hungaroring’s Renovation Works Progressing Well, with a New Logo Unveiled

MTI-Hungary Today 2024.02.13.
The new logo

On Monday, Gergely Gulyás, Minister of the Prime Minister’s Office, gave a speech at a press conference of Hungaroring Sport Zrt. at the Mogyoród race track, where renovation works are in full swing. At the event, the minister announced that the full renovation of the Hungaroring, which will be completed in 2026, will be carried out with less money than the royalty reduction negotiated when the contract for the Hungarian Formula 1 Grand Prix was extended.

“It is a great achievement for the management of the Hungaroring that in the summer of 2023, we managed to extend the contract with the Formula 1 rights holders for five years, until 2032. At the same time, it was expected that the track would be completely renovated, but in return we have managed to negotiate a more favorable royalty rate over the past few years,” the politician said. He added that

the Hungarian state will save HUF 107 billion (EUR 277 million) by 2032, more than the amount needed to complete the modernization.

He noted that in the public procurement procedure launched after the government’s decision last April, the cheapest bid won, worth HUF 78.9 billion (EUR 204 million), including a 10 percent reserve.

“So far, a total of HUF 12 billion (EUR 31 million) has been paid and the second phase of construction is underway (…). A total of 9,000 people will be working on the Hungaroring during the modernization period, and 57,000 square meters of buildings will be constructed (…),” the Minister said.

Zsolt Gyulay, President and CEO of Hungaroring Sport Zrt., recalled that the renovation of the facility started in 2015, and after numerous plans and negotiations, the government approved the modernization of the facility last year. “The biggest test will be between this year and next year’s Hungarian Grand Prix, when the main building and the Super Gold grandstand at the finish line will be demolished and rebuilt,” said the CEO.

Photo: Facebook/Hungaroring

In addition to the renewal of the track, the Hungaroring brand itself will also be modernized, and from 2026, we want to operate with a new image and a new business policy, the first step of which is the renewal of our logo that we are introducing from today,”

the CEO announced.

Gergely Gulyás, Minister of the Prime Minister’s Office (R2), Zsolt Gyulay, President and CEO of Hungaroring Sport Zrt. (R3), and Zoltán Juhász, Technical Director of Market Építő Zrt. Photo: MTI/Koszticsák Szilárd

Gyulay also noted that the pedestrian bridge over the finish line will be demolished and replaced by two tunnels, one for professional staff and one for spectators. A “community space” of around 10,000 square meters will be created behind the main stand, and after the renovation the Hungaroring will be a visitor center that can host a large number of events.

Spectacular Video Shows Renovation Work at the Hungaroring
Spectacular Video Shows Renovation Work at the Hungaroring

The full renewal is scheduled to be completed by 2026, the track's 40th birthday.Continue reading

Via MTI, Featured image: Facebook/Hungaroring

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