Each week, TicketForce brings you the latest news on one of four industries: racing, sports, music or theatre. This week’s #racingwrap features Italian tire maker Pirelli and the company’s plan to sign a new contract with Formula One as sole producer.

After Pirelli first signed with Formula One racing back in 2010, it had both ups and downs. A request for them to begin producing “high-wear tire compounds” led to some criticism in the industry. This criticism was fueled even more when a series of some tire failures this past summer was added to the mix. This incident caused people to doubt Pirelli’s abilities to produce technically sound tires that could endure the wear and tear of an intense race.

Aside from the criticism and rumors that French rival, Michelin tires, would return to Formula One as the sole producer, Pirelli completed negotiations and a new deal with Formula One was prepared. This deal is five-year contract allowing Pirelli to continue supplying to the Grand Prix teams until 2018.

Bruno Michel, series promoter of GP2 and GP3, had nothing but rave reviews to give Pirelli tires. “For the past three seasons this partnership has provided some of the best races in our history. It’s great working with Pirelli. They’re very reactive and understanding of what needs to be provided in order to make our categories extremely competitive,” says Michel.

Be on the lookout for more information on this continuing partnership and let us know your thoughts. Leave us a comment below or send a tweet to @ticketforce.