MAY 11, 2002
Ford gives long-term commitment to F1
THE Ford Motor Company has given a clear message that it intends to remain in Formula 1 in the long-term. Richard Parry-Jones, the company's chief technical officer, told The Financial Times that Jaguar Racing would be in the World Championship "way beyond 2004". The company is understood to have agreed to spend up to $150m a year for the next few years although sponsorship for the team and any TV revenues will offset the costs.
Parry-Jones said that the company is not considering any exit strategy.
"We are digging in," he said.
|Print News Story|