The decision on the support was taken following "a long period of negotiations" and paves the way for finishing the upgrade by the time Hungaroring hosts the 2026 F1 Hungarian Grand Prix, Schmidt said.
The public procurement procedure for the project could be called in 40-45 days, allowing construction to start in the autumn of 2024 and finish by the 2026 F1 race date, he added.
He noted that implementing planned upgrades is a condition for extending Hungary's contract to host the F1 races in the period from 2027 until 2032.
Hungaroring Sport chairman-CEO Zsolt Gyulay said utilities and infrastructure at the track "completely fail to comply" with the requirements of international motorsport governing body FIA. The utility upgrade will meet the track's needs for 40-50 years, he added.
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