Pirelli & C. S.p.A., the Italian tyre giant, has inked a deal with Formula One (F1) to continue as an exclusive tyre supplier for them till 2023. Pirelli was competing against the likes of DTM (Deutsche Tourenwagen Masters) and Hankook (European Formula 3 supplier) for this deal. Its current deal will expire in 2019 which was signed in the year 2011.
As per Chase Carey, Formula One Chairman and CEO, they are delighted to have reached this agreement which guarantees a long-term stable future for Formula One. Pirelli has been an important partner to them since 2011 and is the leader in providing innovative state of the art capabilities.
Marco Tronchetti Provera, Pirelli Vice President and CEO has further added that it’s an excellent news that Pirelli’s partnership has been extended with Formula One till 2023. With this agreement, their presence will extend to a total of 13 seasons as Pirelli was also present in 1950 when the world championship was inaugurated.