Autoblog

Now that the 2008 Formula One championship is decided, teams will begin moving on confirming their drivers for next season. And while several already have, one major question mark has just been resolved as Renault has confirmed the extension of Fernando Alonso's contract. And not just for next season, but through 2010. Along with it, they've confirmed his team-mate's contract through next season as well, giving the team continuity for its upcoming assault on the title.

Renault managed a notable recovery in the latter part of this season that saw Alonso win two races back to back. And while that may be a far cry from the two titles he won with the team a couple of years back, it's a start. That no doubt had a positive impact on Fernando's decision to stay with the team, but insiders were surprised to see him sign for two more years instead of one. Meanwhile, though Nelson Piquet Jr. had a rough start to the season, he managed to pull off some noteworthy performances when the team found its form again, earning him a renewal as well.

The hirings should allow the rest of F1's teams, now relieved of the suspense, to confirm their drivers for next season. So far, Ferrari, McLaren, BMW Sauber, Williams and now Renault have announced they're sticking with the same pairings, and Red Bull has confirmed Sebastian Vettel is moving up to take Coulthard's seat alongside Mark Webber, leaving Toro Rosso, Toyota, Honda and Force India to announce their drivers for the upcoming season. Stay tuned.

[Source: Renault F1]

UPDATE: Official press release from Renault confirming Alonso's return can be read after the jump.

Emerging reports confirm that Fernando Alonso has signed a two-year contract with the Renault F1 Team, with which he won a pair of world titles before defecting to a tumultuous and disappointing year with McLaren.

The contract, according to Spanish newspaper El Mundo, will make Alonso one of the top-paid drivers currently in F1 at a staggering $50 million per season (According to the Wikipedia, Kimi Räikkönen makes $51 million/year). The deal is also reported to include minimal obligations towards Renault's sponsors, an exit clause should Alonso wish to terminate early, and clear, defined #1 status for Alonso over his team-mate.

That role, according to the reports, is set to be taken up by Nelson Piquet, Jr., who will be filling the #2 spot at Renault. The news subsequently leaves current drivers Giancarlo Fisichella and Heikki Kovalainen without confirmed rides for next season, fuelling speculation that Kovalainen could take up Alonso's now-vacant seat at McLaren, especially since news broke of Nico Rosberg's renewal at Williams.

The official announcement from Renault is anticipated shortly, and Alonso is expected to begin testing next year's Renault car at his native Spain's Valencia test track late in January.

[Source: F1-Live.com]

While Bernie Ecclestone continues to bring grands prix to new markets every year, additional locations around the world get to see part of the Formula One action through individual teams staging demonstration events.

BMW-Sauber has held several such high-profile events, returning to the Nurburgring Nordschleife and racing on ice in Switzerland, and we reported on Ferrari's demo in Barbados a year ago. The latest event, organized by the Renault F1 team and title sponsor ING, drew a staggering record crowd of 300,000 on the streets of Mexico City, where Giancarlo Fisichella and test driver Nelson Piquet, Jr. drove last year's championship-winning R26 race car for the elated crowd.

The event marked what was undoubtedly the largest F1 event in the city since the last Mexican Grand Prix was held there in 1992, though both the NASCAR Busch Series and A1GP still hold races there.

To view fans' videos from the event, follow the link to Renaultsport's blog here.

[Source: Autosport.com]