The agreement was signed by Carmelo Ezpeleta, the CEO of MotoGP promoter Dorna Sports, and József Pacza, CEO of Kelet-Magyarországi Versenypálya, the track’s operator, at the Ministry of Innovation and Technology.

Bids for the construction of the race track are expected to be invited at the end of the year, Lajos Kósa, the MP representing the eastern Hungarian region, has said.

Ezpeleta said Dorna Sports would do everything it can to make sure that the race was successful both from a sporting and economic perspective. Hungary last hosted a motorcycle Grand Prix in 1992 at the Hungaroring.