The FIA has announced that Pirelli has been chosen as Formula 1's sole tire supplier for three years, beginning with the 2011 season. Pirelli had emerged as a strong favorite for the deal in the wake of Bridgestone's decision to pull out after this year's campaign, although as late as yesterday Michelin had remained as a possibility.
"Pirelli has been selected as the single tire supplier for the FIA Formula 1 World Championship for a period of three years, commencing in 2011," said an FIA statement. "The sole supplier will undertake to strictly respect the sporting and technical regulations implemented by the FIA."
Fellow former F1 supplier Michelin had been Pirelli's closest rival for the deal, with Cooper Avon having been the other main contender. Pirelli has 44 F1 wins to its credit from several previous periods in the sport, starting in the 1950s. It was last seen on grand prix grids in 1991.
Full text of World Council decision