Red Bull officially confirmed the purchase of the Jaguar Racing Formula One team on Monday morning with an announcement from the company’s owner Dietrich Mateschitz.

The energy-drink manufacturer had long been suspected to buy the Milton-Keynes based squad so the news was far from a surprise.

But, despite expectations, the sale was completed at the eleventh hour with Red Bull having only until this evening to lodge their application for participation in the 2005 World Championship.

Red Bull have been involved in F1 for many years as a minor sponsor of Jaguar and Arrows and a primary partner, once part-owner, of Sauber.

But Metschitz had always admitted his desire to one day purchase a team and Ford’s decision to pull-the-plug on Jaguar gave him the perfect opportunity.

‘There are things which, alongside their strategic fit and logicality, also give me personally a great deal of pleasure,’ said the Austrian billionaire a statement.

‘Our own Red Bull team in Formula One is definitely one of those.’

The transition from Jaguar to Red Bull should be relatively seamless with the team’s 300-strong workforce still busy with preparations for the 2005 season.

The team will continue to use Cosworth V10 engines and are expected to resume their testing programme over the coming weeks in Spain.

Christian Klien is likely to retain his seat and be partnered by F3000 champion Vitantonio Liuzzi[sic] – who, like Klien, is sponsored by Red Bull.

Jaguar though will no longer be on the grid with team’s exit, as a name, now complete after only four years in the sport.

The name will, sadly, be remembered for its shortcomings and mistakes after purchasing the race-winning Stewart team in 1999 and only managing two podium finishes in the 85 starts thereafter.

Eight drivers – Johnny Herbert, Eddie Irvine, Luciano Burti, Pedro de la Rosa, Mark Webber, Antonio Pizzonia, Justin Wilson and Christian Klien – passed through Jaguar’s doors as well as five team principals in a history of bad decisions and political turmoil.

Good news indeed for Formula 1 :redspot

Champ Car owners take over Cosworth

Ford Motor Company and Cosworth are jointly announcing today that Cosworth has been purchased by Kevin Kalkhoven and Gerald Forsythe, co-owners of the Champ Car World Series and heads of the PKV and Forsythe Championship Racing Champ Car teams, respectively.

"I am delighted that Kevin Kalkhoven and Gerald Forsythe have bought Cosworth. Since we made the announcement to sell our F1 businesses in September we have received tremendous support from the management and employees at Cosworth and we have worked very hard to secure a sale to a reputable buyer," said Richard Parry-Jones, Group Vice President – Global Product Development and Chief Technical Officer, Ford Motor Company. "Kevin and Gerry are very successful businessmen, have a long history in the sport and a clear vision for how they wish to take Cosworth forward. I am pleased to announce this outcome."

"Cosworth has a truly wonderful heritage of engineering that we have great respect for," said Kevin Kalkhoven, the new co-owner of Cosworth. "We want not only to continue on from that great tradition but also move into the future with new projects and new ideas. There are many new markets we want to develop. For example, the company has been doing a lot of work on new technology marine engines, which should be very appropriate in the coming years. I believe there’s a big opportunity in that area."

Gerry Forsythe added: "Broadly, we’re looking at the whole area of engine development, but also in new markets, such as supplying kits to the emerging tuner car market. We also intend to continue working with automotive manufacturers around the world on an even more expansive basis than Cosworth has in the past."

Separately today, Ford announced the sale of Jaguar Racing to Red Bull. As part of the deal the new Red Bull F1 team will continue to use Cosworth engines next year. This announcement, together with the news that Minardi will also be using Cosworth engines in 2005, helps underpin Cosworth’s long and ongoing role as an F1 engine supplier. "We are strongly committed to continuing the great F1 tradition at Cosworth and take that very successful heritage into the future," stated Kevin Kalkhoven, "and we want to extend Cosworth’s four-decade old tradition of building performance engines for the American racing market."

An additional reason for Kalkhoven and Forsythe’s purchase of Cosworth is to ensure control of the development and costs of engines for Champ Car’s ladder series. "As we go forward, Cosworth will be a developer of affordable engines for the Champ Car ladder series," Forsythe said.

Commenting on the news, Cosworth Managing Director Tim Routsis said: "This is wonderful news for Cosworth. We have an excellent relationship with Kevin and Gerry built up over time through our involvement in North American motorsport. Being acquired by people of their knowledge, resource, experience and passion is a rare opportunity to not only strengthen and expand our existing position in world-wide motor sport, but also to lead Cosworth into new markets that will provide long-term stability and a foundation for future growth."

"The high regard in which Kevin and Gerry hold the Company, its people, brand and products has been demonstrated today in the most convincing manner possible," stated Routsis.

Richard Parry-Jones concluded: "Today marks the passing of an era. After competing for over thirty-five years in the sport in partnership with Cosworth, deciding to exit F1 was a very tough decision for us to make. During that time, the Ford-Cosworth relationship has experienced the highs and lows of the sport, but we have also left a rich legacy of victories and championships won by some of the most famous drivers and teams in motorsports history."

"This success would not have been possible without the contribution of our employees, partners, drivers, sponsors and of course the fans. I would like to thank them all, and am reassured that this famous racing name will go forward under the stewardship of Kevin Kalkhoven and Gerry Forsythe. We look forward to a continuing relationship with Cosworth," said Parry-Jones.


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sweet - just bought 10 cans of that stuff for my office fridge today. shoulda bought stock in the company rather then stock my fridge but it's good either way! :buttrock

Glad to hear.

Maybe we'll see an American F1 driver in the near future. Red Bull has been a big supporter of that, and now with their own team... :buttrock

That is great news!! :redspot I can't wait to see thier line up for next year.

I can't wait to see thier line up for next year.
Christian Klien is likely to retain his seat and be partnered by F3000 champion Vitantonio Liuzzi[sic] – who, like Klien, is sponsored by Red Bull.




Current speculation suggests Jaguar sold for $55,000,000.00.

Thats almost a bargain considering what get.

– who, like Klien, is sponsored by Red Bull.
.

Check out formula1.com. Klien isn't guaranteed anything. I do hope that Liuzzi will get a ride. Only 109 more days until next season!

Time to drink some red Bull religiously. I am more happy that Cosworth was bought, it would have been sad to see a great engine builder like them go.

Check out formula1.com. Klien isn't guaranteed anything. I do hope that Liuzzi will get a ride. Only 109 more days until next season!


That is precisely why the term 'likely' was used.

Sooo... free Redbull at all events?

Good news for F1 fans though - glad to hear the field-size isn't decreasing...

lol i bet ferrari doesnt like this now they cnat have an all red podium:rofl