Red Bull are new Jaguar owners 15 Nov 2004
Energy drink manufacturers Red Bull have purchased the Jaguar Formula One team from Ford, it was confirmed on Monday.
The Austrian company, a sponsor in Formula One racing for many years, will take over the Milton-Keynes based squad and run it in the 2005 world championship.
In separate deal Cosworth has been sold by Ford to Kevin Kalkhoven and Gerald Forsythe, co-owners of the American Champ Car Series. The Red Bull Formula One team will continue using Cosworth engines in 2005, as will Minardi, with Ford maintaining a relationship with the engine manufacturer.
"I am really pleased that Red Bull has bought Jaguar Racing, said the Ford Groups Vice-President, Richard Parry-Jones. Since we made the announcement to sell our F1 businesses in September we have received outstanding support from the management and employees at Jaguar Racing and we have worked very hard to secure a sale to a reputable buyer.
Red Bull is a very successful business and has been extensively involved in F1 and global motorsport for over a decade. I am very pleased to announce this outcome".
Dietrich Mateschitz, founder and CEO of Red Bull, commented: "Our move to fully owning a Formula One race team makes good business sense for Red Bull. Add to this the opportunity of being directly involved in a sport and activity from which I derive great personal pleasure, then it is easy to understand how delighted I am to have made this purchase.
Not only does the ownership of this team represent the high point of our involvement in motor racing, it is also the logical and final step in the process we started with the Red Bull Junior programme, where we identify, advise and promote young talent through the different formula from Karting to the very pinnacle - Formula One."
It was also revealed that Tony Purnell will stay on as team principal. "Wow! Can you imagine a better outcome for our Team at Milton Keynes?" said Purnell. "I've got to know the folks at Red Bull well over the last year, first as a sponsor and now as our owner. High energy, high motivation, high commitment - they have it all.
(Jaguar Racing managing director) Dave Pitchforth and the Team have won many admirers over the last two years, and their hard work has earned them this fabulous opportunity. The months of uncertainty are over and this news is terrific!"
The successful sale of Jaguar means that a total of ten teams are again expected to compete in the 2005 FIA Formula One World Championship.