Formula 1

Italy, Hungary, Belgium Receive One-Year Contract Extensions

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Credit: Octane Photographic Ltd.

Along with hosting races without fans for the 2020 Formula 1 season, some tracks have been given one-year contract extensions to account for lost revenue due to the COVID-19 pandemic.

The Italian, Hungarian and Belgian Grands Prix have all had their deals extended by one year, allowing them to recoup ticket sales lost by this year’s races. This will keep Monza on the calendar until 2025, Circuit de Spa-Francorchamps until 2022, and the Hungaroring until 2027.

“We did our best during the discussions to get a good agreement both for the country and the sport even in these challenging times,” Hungaroring CEO Zsolt Gyulay told www.hungaroring.hu.

Gyulay also said that the race’s annual increase of the rights fee had been reduced.

With the Monaco Grand Prix having been cancelled this year, it is the Hungaroring that now boasts the second-longest uninterrupted run on the calendar behind Monza, with the Hungarian Grand Prix being held every year since 1986.

The CEO of the Spa-Francorchamps event Vanessa Maes stated that the Belgian Grand Prix will be held outside of the current promoter contract.

“This new model will allow the Spa-Francorchamps Circuit… to somewhat mitigate the financial effects of this historic crisis,” she told www.spa-francorchamps.be.

Formula 1 managing director for motorsport Ross Brawn weighed in on the contract extensions saying to racefans.net, “We’re not in the business of financially supporting a promoter who’s in trouble, but we are in the business of having good partnerships for the long term.

“In some cases some circuits have extended their contract by a year because they’ve lost this year. That gives them that stability.

“We’ve been fairly realistic I think in the approach we’re taking. The main focus is ‘how can we make sure you’re here in the future?'”

The 2020 season is scheduled to get under way on 05 July with the Austrian Grand Prix at the Red Bull Ring.

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