Motor racing’s prestigious Formula 1 (F1) series has agreed to a five-year agreement to keep the Hungarian Grand Prix on its calendar until the 2032 season, with the circuit planning to undertake significant development.

The deal was announced on Saturday (July 22) during race weekend at the Hungaroring, Budapest, which already had a deal running through 2027.

The new agreement comes after the circuit announced it will undergo significant development and refurbishment in the coming years, including a new pit building and main grandstand. The works are expected to be completed in time for the 2026 race.

Stefano Domenicali, F1 president and chief executive, said: “It is great news to announce the extension of the Hungarian GP 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 4.4 km Hungaroring track has been featured on the F1 calendar since 1986.

Zsolt Tyulay, chief executive and president of the Hungaroring, added: “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.

“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.”

Earlier this month, F1 unveiled a record 24-race calendar for the 2024 season running from March 2 to December 8.

Among the notable changes, for the opening two races of the season in Bahrain and Saudi Arabia, the Grands Prix will take place on a Saturday to accommodate Ramadan. F1 races are traditionally held on a Sunday.

F1 has also announced key scheduling changes “to move towards greater calendar regionalization, reducing logistical burdens, and making the season more sustainable.”

The last grand prix to have its F1 deal extended was the Austrian Grand Prix, earlier this month, with that race now set to remain on the series' calendar until 2030.