Pirelli has signed a new four-year deal to remain Formula 1’s sole tyre supplier until the end of the 2023 season, the sport announced in a statement on Sunday.
“We are delighted to have reached this agreement, which guarantees a long-term stable future for such a crucial component of Formula One,” Formula One chairman Chase Carey said.
The current deal was due to expire at the end of 2019 and the governing FIA said last September that more than one company had tendered, although Pirelli’s French rival Michelin had ruled itself out.
Media reports had indicated South Korea’s Hankook as the other bidder.
The tender called for a switch from 13-inch (33.02 cm) wheel rims to 18-inch ones in 2021, meaning that any new entrant faced the added cost of having to design one type of tyre for 2020 and a new one for the following three years.
Pirelli confirmed its commitment “to work together towards the new technical regulations expected for 2021, including the 18-inch tyre”.
Michelin withdrew from Formula One in 2006, a year after a farcical U.S. Grand Prix that went ahead with only six cars racing after all the Michelin-equipped teams pulled out on safety grounds.
The sport has had a sole supplier since then, with Bridgestone replaced by Pirelli in 2011.
Official Press Release:
Formula 1, the pinnacle of motorsport, and the FIA are pleased to announce that Pirelli has been confirmed as the sole Global Tyre Partner of the FIA Formula 1 World Championship. The new deal will run for four years, from 2020 to the 2023 season inclusive.
Following the successful partnership, which was up for renewal at the end of 2019, a new agreement has been completed continuing Pirelli’s longstanding relationship with the FIA Formula 1 World Championship™. All parties have reaffirmed their commitment to work together towards the new technical regulations expected for 2021, including the 18-inch tyre.
Chase Carey, Formula 1 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, said: “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.”