Paris, France (My Sportsbook) - The Renault Formula One team has been cleared to race in this weekend's European Grand Prix in Valencia, Spain after the International Automobile Federation (FIA) Court of Appeal overturned the team's one-race suspension on Monday.

Last month, F1 race stewards banned Renault from the European GP after the French team allowed driver Fernando Alonso to leave the pits with a wheel not properly secured during the Hungarian Grand Prix. F1's governing body found Renault to be negligent in failing to secure the wheel, as well as letting Alonso to leave the pits when they were aware of the problem and then failing to communicate to their driver the issue.

During their appeal, officials from Renault admitted unsafe conduct but argued there was no conscious wrongdoing on the team's part. Renault also claimed the two crew members who dealt with Alonso's wheel were unable to inform the pit wall and the driver prior to him leaving the pits.

The FIA said in a statement that they have reduced Renault's punishment by issuing a reprimand and imposing a $50,000 fine.

"The ING Renault F1 Team welcomes the decision of the FIA's International Court of Appeal to lift the team's suspension from the European Grand Prix, the team said in a statement. "The team accepts that the decision of the FIA to issue a reprimand and a $50,000 fine is fair and balanced."

Alonso, a native of Oviedo, Spain, will compete in front of his home crowd.

Renault's test driver Romain Grosjean is expected to be announced as Nelson Piquet's replacement in the European GP. Piquet was released from the team earlier this month.