There will be no interruption in the relationship between Pirelli & Cie SpA and the FIA (Federation Internationale de l'Automobile) Formula One World Championship for the next five years.
Pirelli will remain as "Global Tire Partner" of the championship through 2023 after renewing its current contract, which lasts until the end of the 2019 season, for an additional four years.
The agreement was completed in a short timeframe. FOM (Formula One Management), which owns the F1 racing series, and Pirelli have agreed on all initiatives requested by the sport currently, and have reaffirmed their commitment to work together toward the new technical regulations expected for 2021, including the 18-inch tire.
Here's what each of the partners had to say about the extension.
Chase Carey, Formula 1 chairman and CEO: "Pirelli (has) 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."
Marco Tronchetti Provera, Pirelli CEO and vice president: "It’s excellent news that Pirelli is prolonging its partnership with Formula One 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 motorized 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 tires, which equip the world’s most desirable prestige and premium vehicles to guarantee the highest standards of performance, sustainability and safety."
Jean Todt, FIA president (FIA sanctions Formula 1 racing): "I am happy to have Pirelli appointed for another period as official tire 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 the role of the tire supplier is and particularly, in Formula 1."
Pirelli announced the extenstion in Abu Dhabi prior to the Grand Prix race on Nov. 25, 2018.