FERNANDO ALONSO is back in work after rejoining Renault in a unique £65million deal.

The former double world champ linked up with his old friends five weeks after being dumped as Lewis Hamilton’s McLaren team-mate.

Alonso, 26, has agreed a three-year deal but has a get-out clause at the end of next year — when a switch to Ferrari is on the cards. He will earn £15m a year but collects a £20m BONUS if he stays three years.

Alonso had talks with Toyota, Honda and Red Bull. He rejected a £35m Toyota deal to make him the highest paid F1 driver.

He said: “I’m privileged to be someone who can afford leaving one great team and end up in another.”

Alonso won the title with Renault in 2005 and 2006.

But the dream partnership with Hamilton soured and he finished third behind the rookie and Ferrari’s Kimi Raikkonen this year.

McLaren are expected pick Pedro de la Rosa as their second driver.

Not really suprising he had backed himself into a corner and it was either Renault or Red Bull, hardly the most attractive of choices given their performances last season, although Red Bull are one to watch for the future with the technical team they are assembling there. Watch him leave after one season to join Ferrari regardless of Renault's results this coming season, although I'm wary of how he'd react to being equal to Raikkonen in that team, we all saw how it went with Hamilton.

Intriguingly Hamilton has been given guaranteed no.1 status within McLaren next season, going against what they said all last season that all McLaren drivers are equals, and in some way vindicates Alonso's claims that McLaren have been favouring Hamilton.

I thought he had to sign a two year contract with renault because the renault boss did not want his team to be just a launching pad for a move to ferrari.

Nah the get out clause pretty much confirms that unless Renault build a race winning car next season, he'll be off again, and considering their performance in 2007 I don't see this happening personally.

Good move by Alonso. There was too much friction with Hamilton at McLaren.
The championship is going to be so close next season - Raikonnen, Alonso and Hamilton. And Massa may have a chance too.

Go Kimi!!