The ageing Hungaroring circuit is finally about to get its long-awaited revamp, with work set to start in 12 months time.
The venue has finally secured state approval for the much-needed updating of the circuit. Hungary government ministers have agreed a £103 million package to support the programme.
According to Autosport magazine, the state payments will be made in three phases. Work will commence immediately after next year's Hungarian Grand Prix.
"We have a plan now," said Zsolt Gyulay, president and chief executive officer of the Hungaroring. "The minister has said it's guaranteed
"It's 100 per cent sure. It was delayed, because we wanted to start in January. But this is government!"
The track management will start to review architectural proposals at the end of the month.
"The first step is the outside, the stands, and the second one is inside the circuit, the pits, in 2020," Gyulay explained. The latter phase will also include a new race control building.
Some of the facilities haven't had significant upgrades since the original Hungarian Grand Prix in 1986.
As well as rebuilding the main grandstands and public areas, there are plans to create a modern stadium section by reprofiling the final corner and along the pit straight.
"Everything will be new. We will have more seats, like a modern stadium," said Gyulay.
Last year, Hungary agreed to extend its deal to host the Hungarian Grand Prix until at least 2026. The deal was signed with Bernie Ecclestone before the sport's take over by Liberty Media and its new CEO Chase Carey.
"I think Mr Carey is an absolute gentleman," said Gyulay. "We have a long contract, and I feel it's a little bit easier to work with them."