As expected, the sale of Jaguar to Red Bull was confirmed on November 15th, the day of the deadline for submitting entries for the 2005 F1 season. Ford also confirmed that Cosworth has been sold to Kevin Kalkhoven and Gerald Forsythe, co-owners of...
As expected, the sale of Jaguar to Red Bull was confirmed on November 15th, the day of the deadline for submitting entries for the 2005 F1 season. Ford also confirmed that Cosworth has been sold to Kevin Kalkhoven and Gerald Forsythe, co-owners of ChampCar. With the sale of Jaguar, along with Jordan and Minardi recently lodging their entries for 2005, it seem that a full compliment of 10 teams will be on the grid next year.
"I am really pleased that Red Bull has bought Jaguar Racing," said Ford vice president Richard Parry-Jones in a statement. "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."
Tony Purnell will remain as principal of the team, which will use Cosworth engines next year. "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."
"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!"
There was no mention of drivers but Red Bull is a personal sponsor of Christian Klien, who drove for Jaguar this season. The energy drink manufacturer also sponsors F3000 champion Vitantonio Liuzzi and he and Klien are speculated to be favourites to fill the race seats.
"Our move to fully owning a Formula One race team makes good business sense for Red Bull," said Dietrich Mateschitz, company CEO. "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."
In regard to Ford withdrawing from F1, Parry Jones concluded: "Today marks the passing of an era. After over thirty-five years in the sport, deciding to exit F1 was a very tough decision for us to make. During that time we have experienced the highs and lows of the sport but we have also left a legacy of victories and championships won by some of the most famous drivers and teams in the sport's 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 we have sold our F1 businesses to new owners who have long histories in the sport and want to take these great companies forward."
"Having taken the decision to exit our aim has been to try and secure the best F1 future for the team, our employees and minimise the fallout in the sport. Everyone has worked hard to achieve that goal, and in this respect I am pleased that the Jaguar Racing team will be taken forward by Red Bull."