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The Budapest venue secures a contract extension to host the Hungarian Grand Prix for an additional five years until 2032.
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Plans for a new pit building and main grandstand, initiated in 2015, are expected to be completed in time for the 2026 race.
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The Hungarian GP will maintain its position as the penultimate race before the summer break in 2024, scheduled for a slot between 19th to 21st July.
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F1 president and CEO, Stefano Domenicali, expresses excitement over the extension, praising the commitment of the Hungarian promoter to enhance the facilities and overall fan experience.
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The Hungaroring has been a part of the F1 calendar since 1986, and its popularity continues to grow, with an expected attendance of 300,000 fans this year, a 10,000 increase from the previous season.
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Zsolt Gyulay, CEO and President of the Hungaroring, expresses pride and honor in agreeing to the contract extension, especially amid the rising global popularity of F1.
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The circuit's updates, including renovations to the Main Paddock Building, Main Grandstand, and Spectator Zones, are set to be completed by 2026.
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The Hungaroring aims to create a world-class venue that meets the high standards expected for an F1 race weekend, with a focus on prioritizing the teams and fans' experience.
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The extension marks a significant achievement for the Hungarian venue, as the competition to host F1 races continues to increase worldwide.
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The CEO expresses gratitude to everyone involved in the development project and looks forward to many more years of hosting premium F1 racing at the Hungaroring.