The Hungarian government on Monday decided on €74.7 million in central budget support for the MotoGP motorcycle racing championship in Hungary between 2010 and 2019, the latest issue of official gazette Magyar Közlöny reveals.
The government also decided on a state guarantee for a loan of at most HUF 15.3 billion from the state-owned Hungarian Development Bank (MFB) for Sávoly Motorcentrum Fejlesztő, which is building a HUF 40 billion track, dubbed Balatonring, for the races.
The loan will be covered with a rental fee to be paid by Balatonring, which is organising the MotoGP races in Hungary.
The consortium led by Spain's Sedesa and Grupo Milton laid the cornerstone of Balatonring in November 2008 and was to have completed the track in time for a race in the autumn of 2009, but a decision on a €80 million-€90 million loan from MFB was delayed because of the crisis. The consortium started work on the track using its own resources at the beginning of October. The state guarantee was necessary for the last phase of the lending procedure.
Balatonring is expected to draw 400,000 visitors a year. (MTI-ECONEWS)