Briatore renews Renault deal through '08

The flamboyant Italian's contract with Renault ran out at the end of this year and he had been weighing up whether to continue in F1.

But after getting guarantees of continuity from key technical figures, including Pat Symonds, Bob Bell and Rob White, plus full commitment from Renault president Carlos Ghosn, Briatore has elected to stay on.

His announcement comes at the same time that Renault have confirmed Heikki Kovalainen will partner Giancarlo Fisichella in 2007.

"I am delighted to continue to lead Renault's Formula One challenge," said Briatore. "It is an honour to be working for one of the top global companies, and with one of the world's leading managers.

"The commitment and enthusiasm Carlos Ghosn has shown for the Formula One project over the past year has been a key factor in my decision.

"It is now important for the Renault F1 Team to begin a fresh cycle of development from 2007, with a reinvigorated driver line-up and several significant new commercial partners. This is the key to performing at the top level in the medium and long term."

Ghosn himself added: "Under Flavio's leadership, the team achieved a remarkable double in 2005 by winning the Drivers' and Constructors' Championships, and maintaining that competitiveness in 2006.

"I am counting on the determination, talent and effectiveness of Flavio and the entire Renault F1 Team, under the Presidency of Alain Dassas, to once again take Renault to the forefront of Formula One."

Briatore said that extending his deal for another two years was important because it would allow the team to focus fully on their on-track efforts next season.

"I have confidence in the team," explained Briatore. "It is a privilege to be working for a worldwide leader like Renault, and to be representing them on a global stage.

"I wanted to sign for two years because had it been 12 months, we would have been going through the same questions about my future in six months' time. This way, we can concentrate on the job in hand: starting a new competitive cycle in 2007."