A lower race fee for the 2020 Formula 1 Hungarian Grand Prix has been negotiated with Formula 1 rights holder Liberty Media, Zsolt Gyulay, in charge of the race venue on the outskirts of Budapest, said, according to a report by state news wire MTI.
Gyulay, chairman-CEO of Hungaroring Sport, said the race fee had to be re-negotiated because of the lack of ticket revenue: this yearʼs Grand Prix will be closed to the public because of the coronavirus pandemic.
"All in all, we were able to save the Hungarian budget close to HUF 6 billion," he said.
Gyulay said Hungaroring is prepared to host the race on July 19, behind closed doors, but televised for all to watch.
He added that Liberty Media had extended Hungaryʼs contract to host the F1 Grand Prix from 2026 till 2027.
F1 race organizers announced days earlier that the season would kick off with the Austrian Grand Prix at the Red Bull Ring on July 5, followed a week later by a second race at the same track, and the Hungarian Grand Prix a week after that.