The Hungarian Grand Prix will remain on the calendar for an additional five years until 2032, extending the existing deal that ran until 2027.

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 just 20 km outside the historic city of Budapest, the iconic 4.38 km circuit has been part of the F1 calendar since 1986, with many legends of the sport claiming victory at the circuit, including Michael Schumacher and Ayrton Senna, who won four and three Hungarian Grands Prix respectively.

Five of the 2023 grid have been victorious at the Hungarian Grand Prix, with Lewis Hamilton holding a record eight wins, while this season Fernando Alonso will celebrate 20 years since he claimed his first ever win in Formula 1 at the circuit in 2003. The returning Daniel Ricciardo won in 2014, while Esteban Ocon claimed his maiden victory in 2021, and Max Verstappen will be looking to make it back-to-back wins this year after his success last season.

The 2023 event takes place this weekend, with more than 300,000 fans expected, an increase from 290,000 in 2022. The 2023 Grand Prix also marks a special moment for the country with it being 20 years since Zsolt Baumgartner, the only Hungarian to compete in the sport, made his F1 debut at the Hungaroring.

"It is great news to announce the extension of the Hungarian Grand Prix for an additional five years," said Stefano Domenicali. "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."

"We are proud and honoured to have agreed this contract extension," added Zsolt Gyulay, CEO and President of the Hungaroring. "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.

"Fittingly, the updates to our famous circuit - which include renovations to our Main Paddock Building, Main Grandstand and Spectator Zones - are expected to be completed by 2026. 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.

"My colleagues and I began work on this significant development project eight years ago and today's announcement acts as the crowning accomplishment for our collective efforts. I would therefore like to thank everyone involved in getting us to this point today and look forward to many more years of premium F1 racing at the Hungaroring."

Check out our Saturday gallery from the Hungaroring here.