Formula 1, Pirelli, and the FIA have agreed a new, extended contract which will see the Italian manufacturer remain the sole provider of tyres for the teams through to 2023, beating the likes of Korea's Hankook to the deal which started in 2011.
Bridgestone was the supplier up until seven years ago when Pirelli took over, and although the FIA looked into other options, including Hankook, they opted to remain with Pirelli, with Liberty Media's Chase Carey praising the company's innovation.
“Pirelli have been an important and valued partner to Formula 1 since 2011,” the F1 CEO said.
“They are leaders in providing innovative state of the art capabilities.
“They are a premium brand, a clear global leader in motorsport and our ongoing partnership with them is proof once more of our desire to align F1 with the best in motorsport and beyond.
“We are delighted to have reached this agreement, which guarantees a long-term stable future for such a crucial component of Formula 1.”
These comments were echoed by Pirelli Vice President, Marco Tronchetti Provera, who believes that Formula 1 is the best stage to show their technology and expertise.
“It’s excellent news that Pirelli is prolonging its partnership with Formula 1 until 2023," he said.
Three distinguished gentlemen - Marco Tronchetti Provera (Pirelli), Jean Todt (FIA) and Chase Carey (Liberty) - demonstrate the differences between the current 13-inch #F1 tyre and the 18-inch tyre of the future as Pirelli’s latest agreement is announced. pic.twitter.com/cbxPMy6p3R
— Pirelli Motorsport (@pirellisport) November 25, 2018
“This new agreement extends our presence to a total of 13 seasons in the modern era, with Pirelli also present in 1950, when the World Championship was inaugurated.
“Formula 1 is and will remain the pinnacle of motorised competition: the perfect environment for Pirelli, which has always defined motorsport as its most advanced technological research and development laboratory.
“Formula 1 provides the perfect showcase for our Ultra High Performance road car tyres, which equip the world’s most desirable prestige and premium vehicles to guarantee the highest standards of performance, sustainability and safety.”
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