Reports in the British press this weekend claim that the Jaguar Formula One team has been sold.
The buyer – as speculated in previous weeks – is the Austrian energy drink company, Red Bull.
The Financial Times broke the news when they ran a story quoting an ‘inside source’ at Jaguar as saying that contracts had already been ‘exchanged’ between the two parties.
Jaguar refused to comment on the reports but there have been suggestions that an announcement regarding the sale could be made as early as Monday or Tuesday.
If the reports are proved to be correct it will be a relief for the team’s 300 Milton-Keynes based employees who, in previous weeks, have faced the real possibility of redundancy.
Red Bull have been involved in Formula One for many years and this season sponsored both Jaguar and the Swiss based Sauber team.
What a Red Bull owned F1 outfit would mean for Sauber is unclear but it is likely that the team would lose a substantial amount of commercial funding.
Written: Sun, 14 Nov 2004 00:26:54
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