Hungarian GP strikes new deal to host F1 until 2027

The Hungarian Grand Prix has struck a new one-year deal to remain on the Formula 1 calendar until 2027. 

Promoters for the Hungaroring event agreed the new deal as part of talks with F1 to host a race without spectators this season. 

The Hungarian GP will act as the third event on the revised 2020 schedule on 19 July, forming the third race of a triple-header of rounds that will be kicked off with a double-header at the Red Bull Ring in Austria on 5 July. 

Hungary had previously secured a long-term deal to keep the race on the F1 calendar until the end of 2026 back in 2016. 

“We have been liaising with Liberty Media in how to compensate the missing profit, because the organisational cost is not lower in the case of a closed event,” said Zsolt Gyulay, CEO of Hungaroring Sport.

“We did our best during the discussions to get a good agreement both for the country and the sport even in these challenging times.

"We cannot say exact numbers, but rights fee is fragmant to the one we pay in case of an open event.

“Furthermore, we have achieved an extension in our contract, so now it is valid until 2027 instead of 2026.

“The yearly increase of the rights fee also has been reduced, so we have spared several billions of HUF [Hungarian Forints] for the state. All in all, I can say that we were wise and we spared a lot.”

Minister for Innovation and Tourism László Palkovics revealed that Hungary had been in talks to hold multiple races. 

“With regard to the pandemic situation several international events had to be cancelled, but we did not want to take a risk with the F1 race in Hungary, so we were open for all options while liaising,” he said. 

“The option for organising two races also arose during the conversations, but fortunately the pandemic situation improved in the other countries as well, and the rights holder wanted to go to as many places as possible.”