UPDATE 1-Motor racing-Hungarian GP gets extension to 2016

Sun Aug 3, 2008 9:06am EDT

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BUDAPEST Aug 3 (Reuters) - Formula One officials have agreed an extension to their contract with the Hungarian Grand Prix, keeping the event on the F1 calendar until at least 2016.

The extension was announced in a statement ahead of Sunday's edition of the race after a meeting between Hungary's sports minister and Formula One's commercial supremo Bernie Ecclestone.

The Hungaroring track, renowned as a technically challenging course with a twisting layout and few overtaking opportunities, made its F1 debut in 1986, becoming the first venue behind the former Iron Curtain to stage a race.

Regularly high temperatures provide another challenge for the drivers.

The Hungaroring's location within a natural valley also makes it popular with fans who are able to see large sections of the track from the grandstands.

(Reporting by Mark Ledsom, editing by Ken Ferris)