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Hungarian F1 license extended until 2016

The Formula-1 calendar will feature the Hungarian grand prix at least until 2016 after the sport’s boss Bernie Ecclestone extended the agreement with the state currently valid until 2011.

State secretary in charge of sports Zoltán Varga, the signatory of the deal representing the Hungarian state, said the negotiations were tough, but the terms hammered out in the end are beneficial for the state. The event at the Hungaroring is the only one of its kind in the CEE region, making it invaluable for the country, hence it is worth the investment, Varga said.

According to the Világgazdaság business daily, Hungary will pay $22.05 million in license fees next year. (Gazdasági Rádió)