Formula 1 Remain

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.

The other manufacturer teams like Honda, BMW, Mercedes and Toyota had agree to sign an agreement with FIA's head Bernie Ecclestone and extend their contract with FIA until 2012.