New deal for Alonso: 5 years & 9 million Euros


New personal deal

By role
February 21 2004

Spanish driver Fernando Alonso has signed a personal deal with the Spanish Telcommunication company Telefonica. The deal is combined with a 2 year deal signed by the Spanish company and Renault F1. However, Telefonica's interest in Renault F1 is limited to the time that the Spaniard remains with the Anglo-French squad.

Therefore, the deal with the driver is for 5 years to start with the 2004 season. The deal is worth 9 million Euros for the 5 years. During 2004 Alonso will receive 1.6 million Euros.

Each year the quantity will increase by 100.000 Euros and in 2008, the last year of the deal, Alonso will receive from Telefonica 2 Million Euros.

The deal also leaves the door open for higher amounts depending on the results of Alonso and also depending of the team he joins in 2006 when his agreement wit Renault ends.

The deal was difficult to reach based on Briatore's initial interest on having an agreement that would also involve Renault.

The Spanish newspaper "El Mundo" mentions Alejandro Agag as the key person behind the ironing of the deal when negotiations where broken. Agag is son in law of Spanish Prime Minister Jose María Aznar and a close friend of Flavio Briatore.

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