Hungary secures Formula 1 race through 2026

Hungary's place on the Formula 1 calendar is secure for a decade.

Reports from Budapest say that organisers of the annual race at the Hungaroring have inked a new-five year extension that will now see the deal run until 2026.

The news broke as the circuit launched its complete re-asphalting of the twisty layout.

"The contract has been extended for another five years, which means a place on the Formula 1 calendar until 2026," confirmed Sesztak Miklos, Hungary's minister of national development.

"Without giving the details of the contract, I can tell you that we can organise the races for another five year period with very favourable terms," he is quoted as saying by F1 Vilag, a specialist Hungarian media source.

This year's race will take place on July 24.