Government would terminate Formula 1 Hungarian Grand Prix

Wednesday, 27 May 2009
Budapest, May 27 (MTI) - The Hungarian government would scrap the Formula 1 Hungarian Grand Prix from 2012, the business daily Vilaggazdasag said on Wednesday.

According to a working material the paper had accessed, the finance and the local governments ministries would not support the race between 2012-2016, due to a lack of central funds and increasing loyalties to be paid.

This year the race will cost the state 1.74bn forints (EUR 6m) more than the planned 3.14bn forints (EUR 10.9m), because of the weakening of the Hungarian currency.

However, the government will cover this cost at the expense of the central reserves, as loyalties would have to be paid in the next two years even if the races were not held, the paper wrote.