Pirelli threatens to pull out of Formula 1 over 2014 contract

Pirelli has warned teams that it will pull out of Formula 1 at the end of the year unless it gets an answer soon on whether they want a fresh contract from 2014.

Talks between the Italian tyre manufacturer and the teams about a new deal have stalled in recent weeks, and Pirelli says time is running out on it being able to produce tyres in time to be fully ready for the new 2014 regulations.

Paul Hembery, Pirelli's motorsport director, said in Monaco on Thursday that F1 was facing an 'extremely serious' situation, and that if the matter was not resolved very quickly then his company would find it impossible to make new tyres in time.

"Apparently on September 1, we are meant to tell them [the teams] everything that they need to know with the tyres for next season, but now we are in mid-May," he explained.

"You can imagine how ludicrous that is when we have not got contracts in place.

"Maybe we won't be here…" Autosport