The Mild Seven Renault F1 Team today announced a substไantial multi-year partnership agreement with Spanish telecommunications group Telefonica. The Renault F1 R24 will feature 'Telefonica' branding beginning at the Australian Grand Prix.

"It is a good boost for the team to welcome Telefonica on-board just before the start of the season," commented managing director Flavio Briatore. "Renault is a team with a strong internationꦓal profile, and it is therefore a significant step for us to welcome a major Spanish company such as Telefonica as our partner.

"We have had an extremely succes෴sful winter on the commercial front: this new partnership marks the eighth new commercial agreement we have signed for 2004. Our testing pace has been promising, and we look forward to successful seasons ahead."