Contracts for the Hungarian and Belgian grands prix have been extended by a year as compensation for the 2020 races being held behind closed doors.
Vice-president of the Hungaroring, Ariane Frank Meulenbelt, told GPFans that both the circuit and Liberty Media shared a common goal to get back to racing.
"Originally we thought we would have a race on the second of August with people, with fans," said Meulenbelt. "When it became very apparent that this wasn’t going to be a possibility, we looked at a potential of how could we go back racing? What needs to happen to allow Liberty and us to stage a race together?
"These were negotiations that went on for weeks on end, twice, maybe three times a week, in the hope of getting racing back on track."
She added: "We’ve negotiated a deal that works as much for them as for us."
Although unable to disclose the details of the deal, a statement on the official race website later confirmed the one-year contract extension.
The Belgian Grand Prix officials have also reached a similar agreement with Liberty Media - announcing a one-year addition to their contract.
"This new model will allow the Spa-Francorchamps Circuit, an important economic tool in Wallonia, to somewhat mitigate the financial effects of this historic crisis.
"The negotiated conditions also make it possible to consolidate the place of the Belgian Grand Prix in the calendar of the Formula 1 world championship since it includes an extension of our current contract until 2022."
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