The state of Hungary will pay a USD 45,035,553 fee to host the 2021 Formula 1 Hungarian Grand Prix, state news wire MTI reports, citing a resolution published in the latest issue of the official gazette Magyar Közlöny.
That fee will rise by an annual 4% during the period until 2027, according to the resolution.
Hungary recently negotiated a lower race fee for the 2020 Formula 1 Hungarian Grand Prix - which will take place behind closed doors because of the pandemic - and F1 rights holder Liberty Media agreed to extend Hungaryʼs contract to host the F1 Grand Prix from 2026 until 2027. Zsolt Gyulay, who is in charge of the race venue on the outskirts of Budapest, has said the savings on this yearʼs hosting fee were "close to HUF 6 billion", or more than USD 19 million.
The resolution withdraws an earlier resolution, issued in 2015, setting the F1 hosting fee for the period 2017-2026 at USD 37,407,119 in 2017 and rising by an annual 5% in each of the following years.
Hungaroring will host the 2020 Formula 1 Hungarian Grand Prix on July 19.