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Manufacturer’s F1 exit complete

Ford completed their exit from the Formula One series on Monday with the announcement that both their team Jaguar and engine supplier Cosworth had been sold.

Austrian energy-drink giant Red Bull became the new owners of the Jaguar outfit after weeks of speculation.

The team purchased the Milton-Keynes factory plus its 300-strong workforce and will continue to plough ahead with the development programme for the 2005 season.

‘I am really pleased that Red Bull has bought Jaguar Racing’, said Richard Parry-Jones, Ford Group vice-president, in an announcement to the press.

‘Since we made the announcement to sell our F1 businesses in September we have received outstanding support from the management and employees of Jaguar Racing and we have worked very hard to secure a sale to a reputable buyer.

‘Today marks the passing of an era, after over 35 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 that we have also left a legacy of victories and championships won by some of the most famous drivers and teams in the sports history.

‘This success would not have been possible without the contribution of our employees, partners, drivers, sponsors and of course he 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.’

The co-owners of the American Champ Car series, Kevin Kalkhoven and Gerald Forsythe, were the buyers of Cosworth.

The company will continue its involvement in F1, supplying engines to both Red Bull and Minardi.

Written: Mon, 15 Nov 2004 11:06:01