Pirelli reportedly agree a new five-year deal to continue as F1's sole tyre supplier

FIA President Jean Todt to push through new agreement

By Pete Gill.   Last Updated: 09/09/13 9:03am

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Pirelli have reportedly agreed a new five-year contract to continue as F1's sole tyre supplier.

At the culmination of a weekend of high intrigue in the Monza paddock, The Daily Telegraph reports 'Pirelli has agreed a new five-year deal to provide tyres to Formula One worth an estimated £50 million, which will carry it through until the end of the 2018 season.'

In the wake of a series of high-profile tyre failures, most notably during June's chaotic British GP, Pirelli's future in the sport had been plunged into doubt with former supplier Michelin revealing their interest in making a return.

'However, having dragged his heels for months, FIA president Jean Todt said on Saturday that he understood that "everyone wants Pirelli" and that the governing body was happy to go with the consensus,' reports The Telegraph.

In another indication of their renewed commitment to the sport, it was revealed by Sky Sports F1 on Sunday that Pirelli are to stage a two-day test with Red Bull at Barcelona this week in order to evaluate '2014 technology'.

"It's a test for Pirelli for them to look at tyre compounds for next year," confirmed Red Bull boss Christian Horner.

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