Formula One (F1) inked a new deal with Pirelli to continue as exclusive tire supplier until 2023, Formula One management announced on Sunday.
The Italian tire manufacturer had partnered with Formula One since 2011, and the current deal was to expire in 2019.
"We are delighted to have reached this agreement, which guarantees a long-term stable future for such a crucial component of Formula One," Formula One chairman and CEO Chase Carey said in a statement, reports Efe news.
Pirelli said in a statement that it had prevailed over Korean manufacturer Hankook during negotiations with Formula One while "hammering out a commercial proposal" over the last three months.
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