That fee will rise by an annual 4% during the period until 2027, according to the resolution.
Hungary recently negotiated a lower race fee for the 2020 Formula 1 Hungarian Grand Prix – which will take place behind closed doors because of the pandemic – and F1 rights holder Liberty Media agreed to extend Hungaryʼs contract to host the F1 Grand Prix from 2026 until 2027. Zsolt Gyulay, who is in charge of the race venue on the outskirts of Budapest, has said the savings on this yearʼs hosting fee were "close to HUF 6 billion", or more than USD 19 million.
The resolution withdraws an earlier resolution, issued in 2015, setting the F1 hosting fee for the period 2017-2026 at USD 37,407,119 in 2017 and rising by an annual 5% in each of the following years.
Hungaroring will host the 2020 Formula 1 Hungarian Grand Prix on July 19.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
