Following a brief discussion with Bernie Ecclestone, the British businessman who controls commercial rights for the Formula One races, Szijjártó said he had indicated that Hungary is ready to develop the facility into one of the most modern race tracks in the world.
“There is a plan prepared by the managers of Hungaroring regarding a HUF 25 bln development to be implemented over three years,” the minister said, adding that the program would be executed in a way that fits alongside Hungaryʼs bid for the 2024 Olympic Games.
“It is in Hungaryʼs economic interest to keep the Formula One here as each Grand Prix weekend contributes about HUF 17 bln forints to the countryʼs GDP,” Szijjártó said. Foreign tourists, which account for 83% of the audience at the Hungarian Grand Prix, spend more than HUF 230,000 per capita in Hungary over the three days, he added.
Hungary hosted its first Formula One race in 1986.
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.
