DECEMBER 5, 2001
Texaco pulls out of F1
JAGUAR RACING fuel supplier Texaco has decided to pull out of Formula One after a recent merger with Chevron.
ChevronTexaco Europe's vice president, Craig Duncan, said, "In light of the recent ChevronTexaco merger and after much deliberation, we have decided to re-focus our sponsorship activities and look towards fresh challenges in motorsport and related marketing activities."
Texaco has a long and successful tradition in motor racing. It sponsored Team Lotus in 1972 and 1973 before beginning a very successful period with McLaren between 1974 and 1978. After a brief period with Wolf in 1979 Texaco withdrew from F1 and developed a link with the Ford Motor Company's motorsport activities, notably in touring cars. When Ford joined forces with Stewart Grand Prix in 1997 Texaco returned to F1. The company has also had a long and successful sponsorship record in Indycar racing with Tom Sneva in the 1980s and from 1989 with Newman Haas Racing.
Jaguar Racing boss Niki Lauda said of the long relationship his team has had with Texaco, "As one of our team's original technical partners, ChevronTexaco has continually supported Stewart-Ford Grand Prix and latterly Jaguar Racing through both rewarding and difficult times. I would like to thank them for their loyalty and support over the years."
The pull out presumably leaves Jaguar without a fuel and lubricant supplier for the moment.
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