In the wake of the news that the five manufacturers that comprise the Grand Prix Manufacturers' Association (GPMA) are committing themselves to F1, having reached a satisfactory deal, Renault F1 president Alain Dassas was the first to issue an official statement, revealing that the French manufacturer is committed to F1 until 2012.

"The agreement the team has reached today with FOA expresses the Renault F1 Team's commitment to Formula 1," it read.

Having entered the 2008 championship last month, this is the next logical step to guarantee the commercial 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 One."