Italian tyre manufacturer Pirelli has agreed a three-year extension to its commercial partnership with the Formula One motor racing series.
The deal was announced yesterday (Sunday) on the grid for the Russian Grand Prix in Sochi. It is yet to be formally ratified by the International Automobile Federation (FIA), but Formula One chief executive Bernie Ecclestone said an agreement had been reached for the 2017 to 2019 seasons after shaking hands on a deal with Pirelli chairman and chief executive Marco Tronchetti Provera.
Pirelli’s current contract as the exclusive tyre supplier to Formula One had been due to expire following the 2016 season and French manufacturer Michelin had been seeking a return to the sport. However, it now appears that Pirelli is set to extend its F1 association to nine seasons.
Pirelli Motorsport said in a statement: “We can confirm that the commercial deal for 2017-2019 has been reached. The official procedure will follow.”
Along with its status as Formula One’s exclusive tyre supplier, Pirelli enjoys comprehensive branding rights as part of its partnership. The company has also served as title sponsor of this season’s Spanish and Hungarian grand prix races in Barcelona and Budapest, respectively.