Pirelli’s contract to be Formula 1’s official tyre supplier has been extended by one year, taking it to the end of 2024.
The Italian company has been the sport’s sole supplier since 2011 and had a contract to remain so until the end of the 2023 season.
It has now been announced that a deal has been reached for F1 to stick with them for the 2024 campaign as well.
“We are very proud of our partnership with Pirelli and grateful to them for their constructive approach to this timing change,” Formula 1 CEO Stefano Domenicali said.
“Pirelli are very conscious of strategic role that the tyres have in F1 and we know that they are working very hard to make sure that their products will represent the best balance between performance and durability in the new technical context.
“We look forward to the start of the 2021 season and we are all excited for the new cars and new 18-inch tyres to hit the track under the new regulations in 2022.”
We are pleased to announce that Pirelli has reached an agreement with @FIA and @F1 to extend its presence at the pinnacle of world motorsport until 2024! Find out more: https://t.co/qpVQxj19YI pic.twitter.com/goHIuPLCNU
— Pirelli Motorsport (@pirellisport) March 5, 2021
Tyre suppliers have in the past been handed three-year contracts, but Pirelli were given a four-year one when they last renewed it so that they would have time to re-make what introducing 18-inch wheels in 2021 would cost them.
With the new regulations being pushed back to 2022 as a result of the global pandemic, the decision was made to ensure the company still had two further seasons at the least after the changes were introduced.
“I want to thank Formula 1 and Pirelli for their collaboration, flexibility and commitment to our sport during this most difficult period,” said FIA President Jean Todt.
“Covid-19 has presented us with significant challenges across all aspects of our businesses, but by working together in a sensible, pragmatic way, we have been able to ensure that the long term stability and strength of Formula 1 remains undiminished.
“The shift to 18-inch wheels and tyres will certainly provide a more exciting image for Formula 1 cars, but it has also presented a significant technical challenge requiring a lot of investment and development on behalf of Pirelli as they continue to deliver tyres that will perform at the highest level.
In light of this, and the necessary postponement of the new regulations as a result of the pandemic, it is only logical to extend the supply of tyres accordingly.”