Renault F1 Team commits to Formula 1 beyond 2008
The Renault F1 Team today announced that it has reinforced
its commitment to Formula 1 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."
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