Pirelli will stay as Formula 1’s sole tyre supplier through at least 2023, the championship confirmed on Sunday.
Pirelli faced competition from Hankook after the FIA gave the green light to the applications submitted by both parties.
Formula 1’s Commercial Rights Holder Liberty Media entered into discussions with the respective companies and it has chosen Pirelli to stay on as the sole supplier.
Liberty Media’s decision was revealed prior to Sunday’s 2018 season finale at the Yas Marina Circuit.
It means Pirelli’s stint will last for at least 13 seasons, having replaced Bridgestone in 2011.
The 2020-23 contract is also poised to include a switch from 13-inch to 18-inch wheels, with the revised dimensions set to be introduced for 2021.
"Pirelli have been an important and valued partner to Formula 1 since 2011," said CEO Chase Carey.
"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."
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