By Alex Kapadia
Pirelli has been confirmed as the official sole supplier of Formula One tyres for the next three years from 2011.
The Italian tyres manufacturer has signed an exclusive three-year deal to take over from industry giant Bridgestone at the end of the current season.
“Pirelli has been selected as the single tyre supplier for the FIA Formula One World Championship for a period of three years, commencing in 2011,” FIA said in a statement.
Pirelli beat Michelin in the race to land the coveted contract, while Britisih firm Avon was also an early contender to take over the supply contract.
The tyre company is making a return to the sport for the first time since 1991. However, Pirelli already has 44 Formula One wins to its credit from several previous periods in the sport, starting in the 1950s.
Pirelli is the world’s fifth largest manufacturer in terms of turnover on the tyre market, with levels of profitability among the highest in the sector.