Renault commit to F1 until 2012
|By Jonathan Noble||Sunday, May 14th 2006, 09:49 GMT|
Renault has become the first member of the Grand Prix Manufacturers' Association to commit itself to Formula One beyond 2008.
Following McLaren's Ron Dennis revelation this morning that the GPMA members have agreed to sign a new commercial agreement, Renault issued an announcement saying the team will now stay in Formula One until at least 2012.
They join Ferrari, Red Bull, Williams, Midland, Super Aguri and Scuderia Toro Rosso, who have all committed already to extending their commercial agreement with the sport.
Renault F1 president Alain Dassas said in a statement: "The agreement the team have reached today with Formula One Administration expresses our commitment to Formula One.
"Having entered the 2008 championship last month, this is the next logical step to guarantee the commercial 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 One."
The announcement quells persistent speculations that Renault could withdraw from the sport as early as next year.
Furthermore, with McLaren-Mercedes, BMW, Honda and Toyota also expected to sign on a memorandum of understanding for a new commercial agreement later today, it appears the Spanish Grand Prix will mark the end of a multi-year battle between the manufacturers and the sport's organisers.