The news terminates any speculation that the Italian, whose five-year reign as premier-class champion came to an unexpected end at the hands of Nicky Hayden last season, will switch to rallying or any other form of motorsport at the end of this year - when his previous contract had been due to expire.
Valentino Rossi:
I'm very happy I renewed the contract with Yamaha until the end of 2008 so now I can just concentrate on racing this season. I think that last year, when we fought back from what seemed an impossible situation to come so close to taking the title, showed what a fantastic team we are and this is why I want to stay with Yamaha...The past three years with Yamaha have been very positive and this is why I am pleased to stay. The atmosphere in our garage is always relaxed and happy and I think that this is something very special and difficult to find.
Lin Jarvis, Managing Director of Yamaha Motor Racing:
We are thrilled to confirm that our partnership with Valentino will continue for a fifth year in 2008, and it's especially good to have completed all contract negotiations before the start of the rapidly approaching 2007 racing season. This now leaves Valentino free to concentrate solely on the job in hand - winning back the world championship!
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