Prime Minister Péter Magyar has confirmed that Hungary wants to remain on the Formula 1 calendar well beyond the current contract, following talks with Formula 1 President and CEO Stefano Domenicali at the Hungaroring during the 41st Hungarian Grand Prix.
Speaking after the meeting in Mogyoród on Sunday, Magyar said the government’s objective is to ensure that Formula 1 continues to be held in Hungary under the best possible conditions after the current agreement expires.
Hungary and Formula 1 discussing the future
Hungary’s contract with Liberty Media currently runs until 2032, but Magyar revealed that discussions have already begun about a possible five-year extension included as an option in the agreement.
“We agreed with Formula 1’s leadership to continue negotiations. The goal is to secure the best possible conditions so that the Hungaroring and Formula 1 remain in Hungary,” the prime minister said.
He described the Hungarian Grand Prix as a major success, noting that a record number of spectators attended the event, Sunday’s race was sold out, and tickets had been unavailable for some time.
More than just a race weekend
Magyar said discussions with Domenicali also focused on extending Formula 1 weekends into longer events that generate greater economic and tourism benefits for host countries.
He pointed out that the temporary facilities in the paddock also serve as venues for business leaders holding investment talks during the race weekend, creating additional economic opportunities beyond motorsport.
According to the prime minister, Hungary should make the most of both the tourism and investment potential generated by Formula 1.
Hungaroring support remains unchanged
Magyar stressed that the change of government will not affect support for the Hungaroring. However, he said the new administration intends to review the previous government’s spending on the circuit’s redevelopment. Under the existing contract, approximately HUF 90 billion was spent on renovating and constructing facilities at the venue.
“At first glance the investment appears successful, but the devil is in the details,” Magyar said, adding that the government wants to examine how public funds were used and whether costs could have been managed more efficiently.
He also announced that Interior Minister Gábor Pósfai, who is responsible for sport within the government, will conduct a detailed review of the financial figures in the coming days.
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Hungarian fans and a historic circuit
Reflecting on Formula 1’s place in Hungary, Magyar said he had been a supporter of Nigel Mansell, later cheering for Ayrton Senna and Michael Schumacher.
He added that he would like to see more Hungarian fans attending the race, even though 70–80% of spectators currently come from abroad, making the event an important tourism and country-branding asset.
Magyar also highlighted Hungary’s historic place in Formula 1, recalling that the 1986 Hungarian Grand Prix was the first Formula 1 race held behind the Iron Curtain.
According to the prime minister, Domenicali praised the enthusiasm of Hungarian fans and acknowledged the long-standing popularity of Formula 1 in the country. Magyar concluded by saying the championship benefits from a highly professional team and that Hungarians should be proud of the significant contribution made by local professionals to the success of the event.
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