Yamaha has announced that Valentino Rossi will be staying with them for the 2008 season as well as 2007. The contract was announced to put a premature end to speculation that Rossi could once again leave MotoGP to race four wheels, either in Formula 1, or, much more likely, in WRC Rallying.
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Both Rossi and Lin Jarvis make explicit mention of "concentrating on racing" in the press release. This seems to me, and to most observers, to be an implicit admission that Rossi's flirt with Formula One last year was a contributory factor to the problems Yamaha suffered at the beginning of the season. After Rossi's appearance in the WRC Rally of New Zealand, speculation began once again that Rossi would leave MotoGP at the end of the year to go Rallying. This speculation has finally been put to rest.
Valentino Rossi being Valentino Rossi, that is, one of the biggest names in professional sports, speculation will, of course, continue. People as diverse as the head of Ferrari, the head of Formula One, and the head of WRC have all stated that Rossi would be more than welcome in their sport, in some cases even hinting that a deal was close to being made. Mostly, these statements have been made in the hope that some of Rossi's public charisma will rub off on their sports.
It is almost certain that Rossi will switch to WRC at the end of his MotoGP career. His annoucement that he will be entering the Rally Of Great Britain at the end of 2007, seems merely to confirm this move. Rallying is his second love, after motorcycle racing, and offers a viable new career path after he retires. But, fortunately for motorcycle racing fans, we still have at least two more years to enjoy his astonishing skills.