Hungary signs new GP deal through 2016

(GMM) Hungary has extended its contract to host the grand prix near Budapest until 2016.

The existing contract was set to expire in 2011, but Hungarian sport minister Istvan Gyenesei announced on Sunday morning he signed a five year extension this weekend with F1 chief executive Bernie Ecclestone, tsr.ch reports.

The Hungaroring, in Mogyorod about a thirty minute drive from historic Budapest, hosted its first grand prix in 1986.