Ford Motor Company and Red Bull, the world leading energy drink concern, are jointly announcing today that Red Bull has purchased Jaguar Racing.
"I am really pleased that Red Bull has bought Jaguar Racing. Since we made the announcement to sell our F1 businesses in September we have received outstanding support from the management and employees at Jaguar Racing and we have worked very hard to secure a sale to a reputable buyer," said Richard Parry-Jones, Group Vice President – Global Product Development and Chief Technical Officer, Ford Motor Company. "Red Bull is a very successful business and has been extensively involved in F1 and global motorsport for over a decade. I am very pleased to announce this outcome."
"Our move to fully owning a Formula One race team makes good business sense for Red Bull," said Dietrich Mateschitz, founder and CEO of Red Bull. "Add to this the opportunity of being directly involved in a sport and activity from which I derive great personal pleasure, then it is easy to understand how delighted I am to have made this purchase. Not only does the ownership of this team represent the high point of our involvement in motor racing, it is also the logical and final step in the process we started with the Red Bull Junior programme, where we identify, advise and promote young talent through the different formula from Karting to the very pinnacle – Formula One."
"Wow! Can you imagine a better outcome for our Team at Milton Keynes?" said Tony Purnell, who has been confirmed as the Team Principal of the new team. "I’ve got to know the folks at Red Bull well over the last year, first as a sponsor and now as our owner. High energy, high motivation, high commitment – they have it all. Dave Pitchforth and the Team have won many admirers over the last two years, and their hard work has earned them this fabulous opportunity. The months of uncertainty are over and this news is terrific!"
As a result of the successful sale today of Jaguar Racing, the team will compete in the 2005 under Red Bull ownership with Cosworth engines in 2005.
Red Bull is the world leader in energy drinks with an estimated 70% market share, and with global sales exceeding 1.6B. The company employs 1,850 staff, of which 200 work at Red Bull Headquarters in Fuschl am See near Salzburg, Austria. Red Bull is an energy drink made for moments of increased physical and mental stress and improves endurance, alertness, concentration and reaction speed.
Though Ford Motor Company is exiting F1, the Company remains committed to top level global motorsport – and to fostering grassroots motorsport, too.
Earlier this month, Ford confirmed a new four-year partnership with M-Sport, based in Cumbria in the UK to compete in the World Rally Championship and also announced participation in the new World Touring Car Championship as well on-going support for Formula Ford. Two weeks ago, Aston Martin unveiled the DBR9 that will return the marque to Le Mans in 2005 and in selected GT1 events. In the US, Ford is an active participant in a range of motorsport series, including: NASCAR and CHAMP CAR as well as Jaguar who dominate the Trans Am series.
Richard Parry-Jones said: Today marks the passing of an era. After over thirty-five 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 but we have also left a legacy of victories and championships won by some of the most famous drivers and teams in the sport's history.
"This success would not have been possible without the contribution of our employees, partners, drivers, sponsors and of course the fans. I would like to thank them all, and am reassured that we have sold our F1 businesses to new owners who have long histories in the sport and want to take these great companies forward.
"Having taken the decision to exit our aim has been to try and secure the best F1 future for the team, our employees and minimise the fallout in the sport. Everyone has worked hard to achieve that goal, and in this respect I am pleased that the Jaguar Racing team will be taken forward by Red Bull," Parry-Jones concluded.
