Szijjártó: Hungary wants to extend Grand Prix contract as soon as possible

Parliament

Hungary wants to extend, as soon as possible, its contract to host Formula One races until 2026, Foreign Minister Péter Szijjártó said on Saturday at Hungaroring, the venue for the Hungarian Grand Prix.

Following a brief discussion with Bernie Ecclestone, the British businessman who controls commercial rights for the Formula One races, Szijjártó said he had indicated that Hungary is ready to develop the facility into one of the most modern race tracks in the world.

"There is a plan prepared by the managers of Hungaroring regarding a HUF 25 bln  development to be implemented over three years," the minister said, adding that the program would be executed in a way that fits alongside Hungaryʼs bid for the 2024 Olympic Games.

"It is in Hungaryʼs economic interest to keep the Formula One here as each Grand Prix weekend contributes about HUF 17 bln forints to the countryʼs GDP,"  Szijjártó said. Foreign tourists, which account for 83% of the audience at the Hungarian Grand Prix, spend more than HUF 230,000 per capita in Hungary over the three days, he added.

Hungary hosted its first Formula One race in 1986.

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