Budapest, Jul 22 (AP) Formula One has agreed a five-year contract extension to keep the Hungarian Grand Prix on its calendar until 2032.

F1 announced the deal on Saturday during race weekend at the Hungaroring, which had an existing deal until 2027.

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The new agreement follows an announcement that the Hungaroring will undergo significant development and refurbishment in the coming years, including a new pit building and main grandstand.

Located 20 kilometers (12.4 miles) outside Budapest in rolling countryside, the 4.4-kilometer (2.7-mile) track has been on the F1 calendar since 1986.

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“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,” F1 president Stefano Domenicali said. (AP) AM

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