Hungaroring Upgrade Advancing 'Full Steam Ahead'
Max Verstappen negotiating one of Hungaroring's corners in 2023.
Photo by Jay Hirano Photography / Shutterstock.com
The upgrade of the Hungaroring race track on the outskirts of Budapest, home to the Formula 1 Hungarian Grand Prix, is progressing "full steam ahead", Gergely Gulyás, the head of the Prime Minister's Office, told journalists at the circuit on Monday, according to a report by state news wire MTI.
Gulyás said the second phase of construction had started in October and the project was set to finish in 2026.
Zsolt Gyulay, who heads track operator Hungaroring Sport, said the paddock was being expanded by 3,000 sqm to around 8,300 sqm, while the area of the main building would increase to 31,017 sqm. The pit stop will also be expanded to comply with FIA regulations, he added.
Hungaroring delivers progress reports on the circuit upgrade to Formula 1 owner Liberty Media on a monthly basis, he said.
A consortium of Hungary's Market Épitő and Bayer Construct earlier won the tender for the upgrade with a bid of HUF 79 bln.
Gulyás noted that Hungary had negotiated a discount of HUF 107 bln on its F1 hosting fee last summer, when its contract to host the Hungarian Grand Prix was extended by another five years until 2032.
Hungaroring, which unveiled a new logo on Monday, will host this year's Formula 1 Hungarian Grand Prix on July 21.
Erste Bank Hungary Q1 Earnings Close to HUF 29 bln
Hungary Welcomes Extension of China's Visa Exemption Policy
Living's Kassák Terrace and Park West 3 Classified as Brownf...
Aldi Opening Biggest Store in Budapest
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
