‘Negotiations are underway regarding the future of the Hungarian Grand Prix in Formula 1, and it is possible that there will be reports of contract extension during this race weekend,’ said the State Secretary for Sports Ádám Schmidt, at a press conference held at the Hungaroring on Monday.
The state secretary reminded that according to the government’s decision, the Hungarian State Secretariat for Sport, which falls under his responsibility, became the owner and exercising authority of the Hungaroring Sport Zrt. He emphasised that it is of paramount importance for the State Secretariat for Sport to ensure everything for smooth operation.
‘We hope that during the Hungarian Grand Prix this weekend, we will be able to report on the extension of the contract. The target date for this is 2032, with the possibility of an additional five-year option, but the primary condition for its realisation is the timely execution of the previously announced developments,’ said Ádám Schmidt. The state secretary emphasised that the Hungaroring is the second-longest active track in terms of the number of races in Formula 1, but the event goes beyond being just sports as it also holds significant tourism value. ‘This year, the number of pre-bookings is 40 per cent higher, with more than 40 per cent of them being for four-star hotels and 10-12 per cent for five-star hotels,’ highlighted Ádám Schmidt, adding that over 100,000 tickets have already been sold in advance for the race day on Sunday.
Zsolt Gyulay, President and CEO of Hungaroring Sport Zrt., described the preparation process for the race as ‘extraordinary’ because the company not only had to focus on organising the race itself but also on concluding the negotiations for the contract extension, which has been ongoing for several months and could reach a conclusion at the current 38th Hungarian Grand Prix. ‘The renovation works have begun on the track, and the utilities will be completely renewed by the beginning of next year. The modernisation of the entrance is also underway, which indicates that the Hungaroring is undergoing a renewal after 38 years, he stated. Gyulay emphasised that practically all tickets have been sold for the weekend, so the organisers are expecting a full house and a peak in revenue.
‘We can see that Formula 1 is in an upward phase, but Liberty Media sets strict conditions, which we strive to meet. For the 2026 race, the main building and the main grandstand in the finish straight need to be renovated. However, it will be challenging to build in a way that the 2024 and 2025 races can be held without problems,’ stated the President and CEO, adding that these factors made the negotiation process for the extension longer and more difficult. ‘It is likely that in the future, there will be only six European races in the Formula 1 calendar, and the Hungaroring wants to be included in that, said Gyulay, who hopes that the negotiations regarding the contract extension could potentially conclude this weekend.
The podium finishers of the 38th Hungarian Grand Prix will receive unique awards manufactured by the Herend Porcelain Manufactory, following tradition. At the press conference, Attila Simon, the director of the company, stated that workers had to select from 64 million variations for this year’s trophies, seeking a combination of traditional and innovative design solutions.
‘The award resembles an ancient amphora, but its decoration is completely new, adorned with 18-carat matte gold. It also features a bird-of-paradise, symbolising speed, swiftness, and lightness,’ he said. He added that the winner’s trophy stands 53 centimetres tall, with the same diameter as the porcelain plate that the winning constructor will receive. Each trophy took six months to create, with the involvement of approximately 30 people. The symbolic value of the awards is 15 million forints.