Grand Smash events form the top tier of the pyramid system for the WTT global tour, with the inaugural edition being held in Singapore in March of this year.

They have been likened to Grand Slams in tennis, and had initially been due to launch in 2021 before being pushed back.

The second Grand Smash is due to be held from July 11 to 24 at the BOK Hall.

Grand Smashes offer up to 2,000 world ranking points, although this has been a bone of contention as it puts them level with World Championships and the Olympic Games.

Hungary became the first European country to stage a WTT event when it held a Contender Series tournament in Budapest last August, with this the lowest tier on the pyramid.

WTT director Steve Dainton, who is also chief executive of the International Table Tennis Federation (ITTF) Group, said the city was adequately equipped to stage a Grand Smash.

"To have a Smash, the marquee event of our new series, in Europe where table tennis was born was a huge priority for all of us and to have it in Hungary, a country with a huge tradition in our sport, is a great honour," Dainton said.

"Budapest Smash will be a showcase leading to even more world-class events in this region.

"Budapest is a superb city in the centre of Europe.

"We will prepare an impressive show, merging sport and entertainment, to offer European fans and spectators a fresh and dynamic experience."

Hungarian Table Tennis Association President Roland Nátrán, who is also executive vice-president of the ITTF, expressed his delight at Hungary being awarded the Grand Smash.

"We are proud and excited," Nátrán said.

"Hungary has a storied tradition of table tennis and we are honoured our country becomes the host of one of the Grand Smashes.

"We will deliver a fantastic event and I am already inviting the fans from Europe and beyond to come to Budapest in July for an unforgettable table tennis holiday."

A total of $2 million (£1.6 million/€1.9 million) in prize money is available at Grand Smash events, with men's and women's singles champions both in line to win $100,000 (£79,000/€93,000).

Qualifying for the singles tournaments in Budapest is due to be held from July 11 to 13, followed by the 64-player main draw from July 15 to 24.

The men's and women's doubles events are set to feature 24 pairs, with 16 pairs taking part in the mixed doubles.

WTT is the ITTF's commercial vehicle, which launched in 2020 after Deloitte and Withers were tasked with changing the way governing body runs its business.