Formula 1 has announced that the Hungaroring will remain on the sport's calendar until 2032, thus extending the venue's current contract which was set to expire in 2027.
The new deal was communicated in the wake of the Hungaroring's announced plan to build a new pit complex and main grandstand, both of which should be completed for the 2024 Hungarian Grand Prix.
The Hungaroring has featured on Grand Prix racing's calendar since 1986, with Hungary becoming at the time the first east European country to host an F1 race.
"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 F1 chief executive Stefano Domenicali.
"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."
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The weekend's event is expected to draw in a record crowd of 300,000 fans.
"We are proud and honoured to have agreed this contract extension," commented Hungaroring president and CEO Zsolt Gyulay.
"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."
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