Pirelli has confirmed that a commercial deal has been agreed with Formula 1 CEO Bernie Ecclestone to remain in the sport until 2019.
Pirelli’s current contract as F1’s sole tire supplier expires at the end of 2016, and with Michelin lobbying to return to the sport after ten years away and produce a more durable compound, the Italian company’s future in the sport was unclear.
For some time, Ecclestone has hinted that Pirelli would be his preferred choice, and told broadcasters on the grid before the Russian Grand Prix that he had agreed a deal for its to continue to supply F1 tires.
Pirelli followed this up by releasing a statement that confirmed a three-year commercial contract had been agreed with F1, but stressed that the official FIA nomination procedure is still ongoing.
“Before the start of the race, the news emerged that Pirelli has concluded a commercial deal to remain in Formula 1 for the 2017-2019 period,” the statement read. “More details will follow as per the procedure laid down by the FIA: the governing body of world motorsport.”
Pirelli motorsport director Paul Hembery added: “We’re delighted to confirm that we reached a commercial agreement with Bernie Ecclestone to remain in Formula 1 for the 2017-2019 period. The process to the formal FIA official nomination will follow with its procedure.”