- 17 Jul 2020 8:03 AM
- Hungary Matters
That fee will rise by an annual 4% during the period until 2027, according to the resolution.
Hungary recently negotiated a lower race fee for the 2020 Formula 1 Hungarian Grand Prix – which will take place behind closed doors because of the pandemic – and F1 rights holder Liberty Media agreed to extend Hungary’s contract to host the F1 Grand Prix from 2026 until 2027.
Zsolt Gyulay, who is in charge of the race venue on the outskirts of Budapest, has said the savings on this year’s hosting fee were “close to 6 billion forints”, or more than 19 million US dollars.
The resolution withdraws an earlier resolution, issued in 2015, setting the F1 hosting fee for the period 2017-2026 at 37,407,119 dollars in 2017 and rising by an annual 5% in each of the following years. Hungaroring will host the 2020 Formula 1 Hungarian Grand Prix on July 19.
Photo courtesy of Northfoto.com