The Hungaroring circuit announced on Tuesday that it has launched a "strategic development programme" that will see the venue upgrade part of its facilities ahead of next year's race.
Promoters for F1's mid-summer event in Budapest revealed that the 100,000 tickets for next year's race had sold out in record time. Seats remain available however for Friday and Saturday's running.
The Hungaroring holds a contract with Formula 1 that runs until 2027, and the term of its current deal as well as the event's commercial success has encouraged organizers to undertake some major renovations.
The latter will include a new entrance, headquarters and customer area which will "reflect the high standard of the facility" along with the upgrading of the water and electricity networks.
Zsolt Gyulay, CEO of Hungaroring Sport Zrt., said: "I took over the management of Hungaroring in 2010, and we have been waiting for this moment practically since then.
"Of course, we did not rest on our laurels in the past period either: our track has undergone a number of renovations, we have worked continuously to meet the new safety requirements.
"We have built a debris fence, we have maintained the grandstands and in 2016 we resurfaced the entire track line, or more precisely, we replaced the top, so-called wearing course."
The Hungarian Grand Prix has been a fixture on the F1 calendar since 1986. However, with the sport's growing popularity attracting new destination cities and venues, Gyulay recognised the Hungaroring's need for a makeover.
"Looking at the happenings in Formula 1 and the new tracks that are coming in, this [previous work] could not be enough, and it really is the last moment to start work," said the track's chief.
"We can see that among the many 'one-size-fits-all' tracks there is an increasing value for traditional venues like the Hungarian one, and the proximity of Budapest will always be an incredible attraction for the Hungaroring.
"Yet, we should not overlook that the infrastructure of the new circuits grants a much higher level of service than ours.
"Thanks to the strategic development programme, we will be able to compete with them in reasonable time, which will allow us to keep the Formula 1 series here and thus draw attention to our country and our beautiful capital year after year."
Keep up to date with all the F1 news via Facebook and Twitter
