Both Hungarian GP and Italian GP have secured a F1 contract extension by one year amid COVID-19 pandemic as they look to run the 2020 race without fans.
What could be termed as a bonus deal, both Hungarian GP and Italian GP have secured a one year contract extension on their existing contracts with Liberty Media to stage the F1 grand prix at Hungaroring and Monza until 2027 and 2025 respectively.
Hungarian GP had a deal until 2026, while the latter until 2024. In fact, Hungaroring underwent a major renovation programme, which it feels will be returned by that time. It added they managed to get reduction in race fees as well.
Hungary noted that they gave the option of two races in 2020 but for now F1 wishes to stage its grand prix in as many locations as possible. “During the negotiations, we did everything we could to reach an agreement that was good for both the country and the sport in this difficult situation,” said Zsolt Gyulay, Hungarian GP President.
“We can’t say a specific number, but the royalty is a fraction of what we pay for an open competition. In addition, we managed to ensure that our contract is not valid until 2026, but until 2027, i.e it has been extended by one year, and the annual increase in the amount of royalties has decreased, saving the state billions of forints by 2027.”
At the same time, Monza, which is supposed to be the last race of European leg on the 2020 F1 calendar, has also got the deal done until 2025 after confirmation from ACI Sport. It seems like a strategic contract for both the countries due to 2020 losses.
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