Austrian energy drink company Red Bull has bought the Jaguar Formula One team, according to the BBC.
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Red Bull’s Austrian billionaire owner Dietrich Mateschitz said the team would use engines made by Cosworth, which Jaguar-owners Ford had also put up for sale, the broadcaster added. Ford confirmed on Monday it had sold Cosworth to US Champ Car owner Kevin Kalkhoven.
Parent company Ford put Jaguar Racing and Cosworth up for sale in September as part of a major cost-cutting reshuffle, the BBC said. The team had until Monday to find a buyer in order to meet the deadline for teams to enter the 2005 Formula One championship.
The broadcaster said no financial details were released but Ford was reported to have asked for a symbolic $US1 if the new owners guaranteed to invest $400 million into the team over the next three Grand Prix seasons.
The takeover could secure the future of the 300-strong Milton Keynes-based team, the BBC said. It added that Red Bull – which also sponsors the Swiss-based Sauber team and was formerly involved with now-defunct Arrows – has been involved in F1 and motor racing for years, as well as a range of action sports.
