Pirelli motorsport director Paul Hembery has revealed his company's annual investment in Formula 1 is the equivalent of a team's budget.Hembery feels the Italian tire manufacturer's value to F1 is underestimated when it comes to the amount of money spent on not only developing the rubber, but also as a...

Pirelli says its parent company's change of ownership will not affect its Formula 1 programme.CamFin, the controlling owner of Pirelli, has concluded an agreement with ChemChina that gives the F1 tire supplier greater access to the Asian region. Pirelli motorsport director Paul Hembery told reporters at Sepang ahead of the...

Formula 1's tire supplier could go from Italian to Chinese majority ownership, if a takeover bid for Pirelli by China National Chemical Corp. and other investors is successful.According to the Wall Street Journal, a unit of China National Chemical known as ChemChina has offered to pay about $1.9 billion initially...

The FIA has given the go-ahead for Pirelli to continue as Formula 1's sole tire supplier next season.While the deal has not officially been confirmed, the FIA World Motor Sport Council has stated that Pirelli "may" continue to supply the tires in 2014 subject to certain technical and safety standards...