F1 has agreed to a new contract with the promoters of the Hungarian Grand Prix that will see the race remain on the calendar through to 2032.

The five-year extension has been made following an agreement that the Hungaroring will undergo significant modernisation, which includes the construction of a new pit building and main grandstand.

F1 CEO and president Stefano Domenicali said: “It is great news to announce the extension of the Hungarian Grand Prix for an additional five years as we return for another action-packed weekend at the Hungaroring.

“It is a very special circuit next to the incredible city of Budapest, and one all of the drivers and our fans look forward to on the calendar.

“To see the commitment from the promoter in Hungary to develop the facilities and further enhance the experience for fans is another important step, and something we want to see all our events doing in order to continue to improve and make our races even better.”

The race has been a permanent feature on the calendar since 1986, even stepping into the breach through the Covid era.

Expressing his pride at the new deal, Hungaroring CEO and president Zsolt Gyulay said: “Given the astonishing rise in F1’s global popularity, which now sees more venues than ever before competing to join the calendar, today’s signing marks a hugely significant achievement for us.

“Fittingly, the updates to our famous circuit – which include renovations to our main paddock building, main grandstand and spectator zones – are expected to be completed by 2026.

“It will be a source of great satisfaction to host the teams and fans, who will always be our main priority, at a world-class venue that will reflect the high standards you come to expect for an F1 race weekend.

“My colleagues and I began work on this significant development project eight years ago and today’s announcement acts as the crowning accomplishment for our collective efforts.

“I would therefore like to thank everyone involved in getting us to this point today and look forward to many more years of premium F1 racing at the Hungaroring.“