F1 racing team Jaguar bought by Red Bull

Ford's Formula One (F1) racing team, Jaguar Racing, has been sold to the Austrian drinks firm Red Bull, it has been revealed.

Ford also announced today that it has secured the sale of Cosworth, its motorsport technology engineering company and supplier of F1 engines.

Ford said that it would now concentrate its efforts to improve the results of Jaguar Cars and the Premier Automotive Group.

Cosworth's new owners, Kevin Kalkhoven and Gerald Forsythe, co-owners of the Champ Car World Series, will continue to supply engines to the F1 Jaguar team, "thereby helping to ensure a positive future" for the company.

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", the company said.

Ford Europe's executive vice president Mark Fields said: "Having taken the tough decision to exit Formula One after over 35 years in the sport, our focus has been to secure the best future for our Formula One businesses and our employees."

Red Bull was a sponsor of Jaguar Racing in 2004, and has been involved in F1 and global motorsport for over a decade.

In other F1 news today, Toyota confirmed that they would be supplying Jordan Grand Prix with engines for the 2005 season. An engine supplier for Eddie Jordan's team had been in doubt following Ford's decision to offload F1 engine maker Cosworth. The one-year contract will see Toyota supply customer RVX-05 engines to Jordan.

(gmcg/sp)