Pirelli Inks Three-Year Deal with Formula 1

The Telegraph reports that FIA has inked a three-year deal with Italian brand Pirelli to become the official tire supplier for Formula 1 teams starting in the 2011 season. The deal was heavily anticipated, but French company Michelin made a late push and delayed the process while FIA president Jean Todt considered putting the contract out to bid.

Earlier in the month, Tody said that the FIA would “soon launch a tender” but that bid offer never came to pass. Today Formula’s 1’s governing body issued a statement following a meeting of its general counsel that Pirelli was back as the tire supplier for the sport for the first time since 1991.

Pirelli will return to the sport as the “107 percent rule” will be reintroduced to the sport for the first time since 1996. This will ensure that no cars will be able to start a race if they are not posting times that are competitive with the front runners.

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