Ahead of today's Hungarian Grand Prix, organizers have revealed that a new contract has been agreed with Bernie Ecclestone which will see the event remain on the calendar until at least 2016.

The new deal was announced this morning by Istvan Gyenesei, Hungary's Minister for Sport, and sees a new 5-year deal on top of the existing contract which would have seen the race continue here until 2011.

The circuit's location within a natural valley makes it popular with fans that attend the race, since they are able to see much of the track from the grandstands. However, the lack of genuine overtaking opportunities means that is not so popular with drivers or TV viewers.

Hungary first hosted a round of the World Championship in 1986, becoming the first country behind the former Iron Curtain to stage an Formula One Grand Prix.

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Contract extension for Hungaroring

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