Bridgestone to be sole tyre supplier
05 July 2006
Formula One racing’s governing body, the FIA, has announced that tyre manufacturer Bridgestone has been selected as the official tyre supplier to the FIA Formula One World Championship in 2008, 2009 and 2010.
The FIA decided in May to select a single tyre manufacturer which would supply all Formula One teams from 2008. A tender process was opened and the deadline for bids was June 23 2006.
There are currently two manufacturers involved in the sport - Michelin and Bridgestone. However Michelin, which currently supplies six of the eleven teams, ruled itself out of the bidding process in June. The French tyre manufacturer had already withdrawn from the 2007 season and confirmed in a statement released before the Canadian Grand Prix, that they had no plans to return to Formula One racing after the new single-tyre regulations had come into effect in 2008.
The move is part of the FIA’s plans to cut the cost of competing in Formula One racing. It is also believed that by eliminating competition between tyre suppliers the decision will help to curb cornering speeds.
Source
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... I guess this is not a shocker to anyone, but now it's official.