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The company behind the Hungaroring has signed an extension to its contract with Formula One Management and will now host the Hungarian Grand Prix through to 2026.

It was only three years ago a new deal was signed for the race to remain on the F1 calendar through to 2021.

The latest agreement comes in the wake of the completion of a track resurfacing earlier this month, and with further government funds being made available from next year for a redevelopment of facilities at the circuit.

F1 supremo Bernie Ecclestone told Autosport: "Yep, we've a new deal.

"They're good supporters, they do a good job, good for the country, good for us, and I'm very, very happy we're always in Hungary, and we're staying there."

Hungary's national development minister Miklos Sesztak added: "Without giving out secrets regarding the details of our contract, I can tell you we'll be able to organise and run our F1 race for another five-year period under very favourable terms.

"However, despite the fact that after the grand prix everybody seems to be satisfied, saying they've had a great time here, we know further improvements are needed.

"The resurfacing work that has just finished was the first step in this direction.

"I can reveal the 2017 [governmental] budget submits substantial resources earmarked for the development of the circuit.

"This is because every year the race is one of the most important sporting events for our country, so the government of Hungary is committed to a good quality track such as the Hungaroring."

The race at the Hungaroring has been a fixture on the F1 calendar since its debut in 1986. Only Monaco and Monza have been on it for longer uninterrupted spells.

The track resurfacing, which will be be tested for the first time with this weekend's World Touring Car Championship and European Formula 3 event, has been done on the back of the company behind the Hungaroring making a profit in four of the last five years.