The future of the Formula Renault 3.5 Series has been safeguarded following the announcement that RPM will assume sole control of the series for a three-year-period starting in 2016.
The Spanish company, led by Jaime Alguersuari Snr, will also assume the intellectual property from Formula Renault 3.5 after the announcement last month that Renault would be withdrawing its direct involvement in the championship.
“The decision of Renault Sport Technologies to stop acting as organiser of the Formula Renault 3.5 Series has been one of the biggest challenges in the history of my company,” said Alguersuari in a statement at Silverstone.
“I respect the decision of Renault, and at the same time, I would like to thank the French company for their permanent confidence in RPM.
“It’s also time to extend my deepest gratitude to the men and women of Renault Sport Technologies for their involvement throughout these years.
“I have to admit that this past month, August, has been a very special one for me.
“It is 18 years since we created the Formula Nissan 2.0, and after being involved hand-to-hand in the creation of FR3.5, to regain the responsibility of continuing with the 500bhp single-seater championship, which has carried more drivers to F1 over the last 11 years – it is not only a big responsibility, but also a big privilege.
“The philosophy of this new single-seater championship will be the same as when I unveiled and created Formula Nissan in 1998, the World Series by Nissan and Formula Renault 3.5: more affordable, more epic and faster.”
A 2016 calendar is set to be announced at some point later this weekend, while tyre suppliers Michelin, chassis manufacturer Dallara and engine supplier Gibson are all expected to remain on board for the revamped series.
Renault will continue to promote its three 2.0 litre championships as well as its new-for-2015 Renault Sport Trophy.