Formula Renault 3.5 will support F1's Monaco Grand Prix for a further three years after Renault opted to renew its contract with race organisers.

The Automobile Club de Monaco will therefore host the event until 2017. Renault's flagship series has supported racing in Monte Carlo since its inception in 2005 however, unlike in previous years, FR3.5 running in the Principality will take on a new structure with Saturday qualifying and a Sunday race.

Speaking following the announcement, Jean-Pascal Dauce - Competition Director at Renault Sport Technologies - highlighted Monaco's long-standing partnership with the French manufacturers. Their connections can be traced back as early as 1924.

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"We share the same vision of motor racing with the ACM," he said. "That is enough to explain the success of our partnership for these many years!"

Although Monaco is the only F1 race supported by FR3.5, Dauce insists that renewing this contract is at the benefit of the both the series and its partners.

"It is still just as pleasant, motivating and enthralling to work with such a professional structure," he continued. "With our rich common past with the ACM, we look forward to new exciting chapters in our history."

Only three drivers - Oliver Rowland, Nyck de Vries and Oscar Tunjo - are confirmed for the 2015 season with more announcements expected during pre-season testing next year. DAMS Racing's Norman Nato was the victor on the street of Monte Carlo last year.