Pirelli secures tender to supply Formula 1 tyres until 2023

The Italian company has delivered F1's tyres since 2011, but was evaluated by the FIA for the post-2019 deal alongside DTM and European Formula 3 Championship supplier Hankook.

The new arrangement was complicated by F1's rules changing for 2021, when the series will switch to using 18-inch wheels and tyre blankets will be banned.

That meant the first season of the new four-year deal would require the supplier to produce the existing rubber for a single campaign before delivering the new tyres.

"Pirelli have been an important and valued partner to Formula 1 since 2011," said F1 chairman and CEO Chase Carey as the news was announced.

"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."

FIA president Jean Todt added: "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."

Pirelli and Hankook were the two parties involved in the tender process.

Former F1 tyre supplier Michelin ruled out applying for the contract as it had reservations over the single season of 13-inch wheels for 2020 and having to produce the high degradation rubber used in the championship.

"It's excellent news that Pirelli is prolonging its partnership with Formula 1 until 2023," said Pirelli vice president and CEO Marco Tronchetti Provera.

"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."