The decision comes after agreeing to sign a contract with Formula One Administration (FOA) that will lead to a new Concorde Agreement running from 2008 to 2012.
Renault F1 team president Alain Dassas said: “The agreement 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 Grand Prix Manufacturers Association (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."
Following a meeting in Barcelona between representatives from the GPMA, a Memorandum of Understanding on the commercial structure of Formula One, was unanimously agreed and signed by representatives from the five GPMA teams; BMW Sauber, Honda GP, McLaren Mercedes, Renault F1 and Toyota Racing.
It provides the basis for a new Concorde Agreement between FOA, the FIA and the teams.
