Renault has pledged to stay in formula one for the long haul.
The French squad, having won the drivers’ and constructors’ double with Fernando Alonso in 2005 and 2006, was only a short time ago rumoured to be eyeing the sport’s nearest exit.
Whispers of the story resurfaced in recent months amid reports that the carmaker’s road car profits fell up to 25 per cent in 2006.
But having vowed to sign the new 2008-2012 Concorde agreement and also pull out of the ‘GPMA’ manufacturers’ alliance, Renault chiefs are keen to spread the news that the Enstone and Viry-based team is here to stay.
“For Renault, this is an investment — and an investment that aids the growth of the Renault brand and Renault’s products,” said company CEO Carlos Ghosn.
He added that Alonso’s back-to-back crown ‘justifies the investment’ of the Boulogne-Billancourt based French manufacturer.
Meanwhile, the F1 team’s president Alain Dassas told Speed TV on Monday that Renault will be on the grid ‘for good’.