Hungary expects to spend HUF 40 billion-60 billion on upgrades of the Hungaroring race track on the outskirts of Budapest, Innovation and Technology Minister László Palkovics said, according to a report by state news wire MTI citing an interview published in business daily Világgazdaság.
"The most important tasks in the next two years will be the transformation and reconstruction of the buildings as well as resolving the issue of noise reduction. The full reconstruction is expected to cost HUF 40 billion-60 billion," Palkovics told the paper.
"We should appreciate the fact that because of the agreement to hold this yearʼs race behind closed doors, there will be a Formula 1 race in Hungary not just until 2026, but till 2027," he added.
Hungary earlier negotiated a lower race fee for the 2020 Formula 1 Hungarian Grand Prix with F1 rights holder Liberty Media, and Liberty Media agreed to extend Hungaryʼs contract to host the F1 Grand Prix from 2026 until 2027.
The 2020 Hungarian Grand Prix will be held on July 19, behind closed doors because of the pandemic, but televised for all to watch.
Palkovics said spending on the track "isnʼt a big problem" if the Grand Prix can draw 100,000 people to Hungary from year to year.
He added that F1 chief executive Chase Carey had been "won over" by the atmosphere at Hungaroring.