The home of the Hungarian Grand Prix is to be renovated as part of a "strategic development programme".
The Hungaroring, which has been a constant on the F1 calendar since 1986, is to update its facilities to safeguard its future.
Step one will include an upgrade to utilities, which takes in the drinking water, firewater and wastewater networks as well as developing the entire electrical network.
A new entrance will be constructed as well as a headquarters and a customer area to 'reflect the high standard of the facility'.
CEO of Hungaroring Sport Zrt Zsolt Gyulay said: "I took over the management of Hungaroring in 2010, and we have been waiting for this moment practically since then.
“Of course, we did not rest on our laurels in the past period either: our track has undergone a number of renovations.
"We have worked continuously to meet the new safety requirements, we have built a debris fence, we have maintained the grandstands, and in 2016, we resurfaced the entire track line, or more precisely, we replaced the top, so-called wearing course.
"However, looking at the happenings in Formula 1 and the new tracks that are coming in, this could not be enough, and it really is the last moment to start work.
"We can see that among the many 'one-size-fits-all' tracks there is an increasing value for traditional venues like the Hungarian one, and the proximity of Budapest will always be an incredible attraction for the Hungaroring.
"Yet, we should not overlook that the infrastructure of the new circuits grants a much higher level of service than ours.
"Thanks to the strategic development programme, we will be able to compete with them in reasonable time, which will allow us to keep the Formula 1 series here and thus draw attention to our country and our beautiful capital year after year."
2023 running in Hungary sold out
Despite the Hungaroring hosting an end-of-summer spot on the calendar, the 2023 event has already sold out for the Sunday in what is a record for the circuit.
Fans can still get their hands on soon-to-be-released daily tickets for the Friday and Saturday running.
The Hungarian Grand Prix sale is further proof of the rise in F1's stock as of late, with Gyulay adding: "The interest in Formula 1 is amazing.
"It is a great pleasure for the Hungaroring that the weekend and Sunday tickets have been sold at such a pace, because it shows that not only the drivers, but also the fans love our track. "