Pirelli has been retained as F1’s sole tyre supplier for four more seasons in a new deal until 2023.
Pirelli returned to F1 in 2011 as its sole tyre supplier after Bridgestone left and has been in the sport for seven years now in a larger capacity than ever – with a large portion of investment also going into sponsoring selected grand prix events on the calendar.
The Italian manufacturer’s contract was to end in 2019. They processed the tender for a new deal but faced competition from Hankook this time with the FIA giving all-clear to both the manufacturers at the first stage with the commercial side under discussion then.
Following deliberations for few months, it has been officially confirmed in the 2018 season finale that Pirelli will continue as F1’s sole supplier with a new commercial deal and a contract extension agreed between them and Liberty Media for until 2023 season.
Chase Carey, F1 Chairman and CEO, said: “Pirelli have been an important and valued partner to Formula 1 since 2011. 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.”
Jean Todt, FIA President, said: “I am happy to have Pirelli appointed for another period as official tyre supplier to the FIA Formula 1 World Championship. It will allow all of us to enjoy the experience gained since 2011. We know how crucial and difficult is the role of the tyre supplier and, particularly, in Formula 1.”
Marco Tronchetti Provera, Pirelli Vice President and CEO, added: “It’s excellent news that Pirelli is prolonging its partnership with Formula 1 until 2023. 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.”
The new deal means, Pirelli will also develop the 18-inch tyres which will make its debut in F1 from the 2020 season with the work in planning stage. The manufacturer will need the final F1 regulations for that year to begin with the manufacturing process.
— Darshan Chokhani (@DarshanChokhani) November 25, 2018