Renault F1 commits to F1 beyond 2008

The Renault F1 Team today announced that it has reinforced its commitment to Formula 1 beyond 2008, after agreeing to sign a contract with Formula One Administration (FOA) that will lead to a new Concorde Agreement running from 2008 to 2012.

After submitting entry forms to the 2008 FIA Formula One World Championship on 27 March 2006, and following official confirmation of their acceptance on 28 April, the Renault F1 Team has taken this step in order to affirm its commitment to Formula 1.

Renault F1 Team President Alain Dassas commented:

“The agreement the team has reached today with FOA expresses the Renault F1 Team’s commitment to Formula 1. Having entered the 2008 championship last month, this is the next, logical step to guarantee the financial stability and competitiveness of our team. We have worked hard jointly with our fellow manufacturers in the GPMA to reach an agreement that satisfies our desire to see a balanced distribution of the income generated by our sport. We will now pursue our constructive dialogue with the FIA and the other teams to achieve our shared objectives of an improved sporting show and reduced costs. These factors will form the basis for Renault’s long-term investment in Formula 1.”