Formula 1 has confirmed that the Hungaroring will continue to host a Formula 1 World Championship event until at least 2032.
The Hungarian Grand Prix has been present on the F1 schedule since 1986, with the layout undergoing few changes since its inception.
The contract extension sees an additional five years added onto the existing deal, which ran until 2027.
F1 says that the agreement follows the Hungaroring’s pledge to invest significantly in refurbishments, which will include a new pit building and main grandstand.
“It is great news to announce the extension of the Hungarian Grand Prix for an additional five years as we return for another action-packed weekend at the Hungaroring,” said Stefano Domenicali, F1 CEO.
“It is a very special circuit next to the incredible city of Budapest and one all of the drivers and our fans look forward to on the calendar.
“To see the commitment from the promoter in Hungary to develop the facilities and further enhance the experience for fans is another important step and something we want to see all our events doing in order to continue to improve and make our races even better.”
This weekend’s Hungarian Grand Prix is the 39th running of the event, while it also marks a special day for the country as it is 20 years since Zsolt Baumgartner, the only Hungarian to compete in the sport, made his F1 debut at the track.
Zsolt Gyulay, CEO and President of the Hungaroring, added: “We are proud and honoured to have agreed this contract extension.
“Given the astonishing rise in F1’s global popularity, which now sees more venues than ever before competing to join the calendar, today’s signing marks a hugely significant achievement for us.
“Fittingly, the updates to our famous circuit – which include renovations to our Main Paddock Building, Main Grandstand and Spectator Zones – are expected to be completed by 2026.
“It will be a source of great satisfaction to host the teams and fans, who will always be our main priority, at a world-class venue that will reflect the high standards you come to expect for an F1 race weekend.
“My colleagues and I began work on this significant development project eight years ago and today’s announcement acts as the crowning accomplishment for our collective efforts.
“I would therefore like to thank everyone involved in getting us to this point today and look forward to many more years of premium F1 racing at the Hungaroring.“