“We must get them to renew the contract with us now, because if F-1 head Bernie Ecclestone doesn’t continue to work for some reason, and money is the only thing that matters to the new management, then we will never be able to get an extension,” Gyulay said.

“We have to renovate the tribunes and the press centre, and we must rebuild the entire low-voltage network, say nothing about building a modern structure for the medical treatment centre,” he added.

Hungaroring Sport deputy-CEO Julia Gazsi said the circuit could be extended to include more passing zones and close to 20 turns. F-1 circuit planner Hermann Tilke as well as F-1 champion drivers Sebastian Vettel, Fernando Alonso and Michael Schumacher are expected to contribute, she added.

At present, the circuit has 13 turns.

The state of Hungary recoups the fee it pays to hold the race – still under the international average – five times over, Gazsi said.

The plans for changes at the circuit are expected to be ready by the beginning of December, while the project budget will be finalized in mid-December.