Grand Prix of Hungary will continue to attract fans and tourists

Grand Prix of Hungary will continue to attract fans and tourists

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The President of the Board of the Formula One, the British billionaire Bernard Ecclestone and the Minister of the local government Zoltan Varga, responsible for the sports, on the last Sunday signed a contract which will extend a Formula One race in Hungary for 5 years, until 2016.

According to the contract, the Hungarian Government will annually pay 10% more than the amount previously established until 2011, but after the entry into force of the new arrangement fee will decrease by 7.5% since 2012.

According to business weekly Vilaggazdasag, the annual fee paid by the Hungarian government to Bernard Ecclestone for the right of the holding the Formula One racing is estimated at 22 million U.S. dollars. Mr. Varga expressed his confidence that the amount spent on a well-known and most prestigious races in the world are very profitable investment, which will bring the global tourist popularity to the country.

It should be noted, that the first Grand Prix of Hungary was held on 21 June 1936, at the heart of Budapest, in Nepliget Park. Subsequently Formula One race in Hungary was resumed only in 1986, near the Hungarian capital, on the Hungaroring track. Since that time it did not leave the world Formula 1 championship calendar.

As a result of signing the last contract the Grand Prix of Hungary may become the third in the world by the duration of the Formula One racings, after Monte Carlo, where races have been held since 1955 and the Italian Grand Prix at Monza, where races have taken place since 1981. So, this year the Grand Prix of Hungary took place from 24 to 26 July, 2009 was held for the 24th time.

Date: 04/08/2009