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NOVEMBER 15, 2004

Ford confirms sale of Jaguar and Cosworth

The Ford Motor Company has confirmed that Red Bull is the new owner of Jaguar Racing and that Tony Purnell will stay on with the team to run operations. The team will use Cosworth engines and Ford has also said that the engine company will be sold to Kevin Kalkhoven and Gerald Forsythe, Champ Car team owners and co-owners of the Champ Car Series.

"We are strongly committed to continuing the great F1 tradition at Cosworth and take that very successful heritage into the future," Kalkhoven said.

The deal means that Minardi team will also use Cosworth engines in 2005.

"I am really pleased that Red Bull has bought Jaguar Racing," said Ford's Richard Parry-Jones. "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."