Formula One Hungarian GP Important to Hungary

The Formula One Hungarian Grand Prix, held annually at the Mogyoród track, just east of Budapest is important to Hungary both in terms of PR and prestige, according to Gergely Gulyás, Head of the Prime Minister's Office.

Speaking to reporters in the Hungaroring paddock ahead of the 39th Hungarian GP near Budapest, Gulyás said most of the negotiations on the future of the race had been concluded, and an agreement had been reached with the commercial rights holder on the types of upgrades that were needed to secure the race’s long-term future on the F1 calendar.

“The track at Mogyoród isn’t the most modern one, but this has only been the case until now with the launch of a HUF 105 billion (EUR 268.6m) upgrade that allows the race to go ahead this year and the next,” Gulyás said, adding that the full extent of the upgrades agreed on with the rights holder would be seen in 2026.

He added most of the 300,000 spectators who flock to the racetrack each year are foreigners, which generated direct revenue for Hungary given that they tended to spend several days or even up to a week in the country. Gulyás said the upgrades were ahead of schedule, and the work would resume after Sunday’s race, adding that plans were to complete the upgrades by April 20, 2026.

Asked about a potential increase in ticket prices after the upgrade, Gulyás said the aim was not to keep raising prices, adding that the increased capacity of the track facilities was set to generate considerable revenue.