NOVEMBER 15, 2004

Mateschitz confirms Jaguar purchase

Austrian energy drink firm Red Bull has taken over the Jaguar Racing team. The news was confirmed by Red Bull owner Dietrich Mateschitz in the Salzburger Nachrichten newspaper.

Austrian energy drink firm Red Bull has taken over the Jaguar Racing team. The news was confirmed by Red Bull owner Dietrich Mateschitz in the Salzburger Nachrichten newspaper.

"It is true," Mateschitz said. "We bought Jaguar Racing at the weekend."

The details of the deal are not clear although rumours suggest that Mateschitz may have paid as much as $1 for the team, Ford being happy to get rid of the team to avoid expensive liabilities. The sale of the team means that the future of staff at Milton Keynes has been secured, although it is not yet clear who will run the operation with rumours circulating that Gerhard Berger may be involved. Mateschitz says that there are no short-term plans to change the management.

The team will continue to use Cosworth V10 engines this season but Mateschitz says that he will almost certainly change the engines in 2006.

There is no word yet as to who might drive for the team but it is anticipated that Christian Klien will keep his job next year although Red Bull is also very keen on Italian rising star Vitantonio Liuzzi.

The news of the purchase is bad news for Sauber which will now need to find a replacement sponsor for Red Bull, a major investor in the team in the course of the last 10 years.