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Tire manufacturers have until June 23 to apply for F1 supplier status

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Formula One racing's governing body, the Federation Internationale De L'Automobile (FIA), has opened the tender process for a single tire supplier to the championship in 2008, 2009 and 2010.

Tender bids must be submitted by June 23, 2006.

There are currently two suppliers involved in the sport -- Groupe Michelin and Bridgestone Corp. Michelin already has announced it will withdraw at the end of this season; this likely means all teams will run on Bridgestone tires next year, ahead of the official move to a single supplier in 2008.

The move is part of the FIA's plan to cut the costs of competing in Formula One racing. According to the association, it "should also help to curb cornering speeds by eliminating the competition between tire suppliers."

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