Official: Red Bull buys Jaguar Formula One team
Today, during a press conference in London, Richard Parry Jones announced that Red Bull has bought the Jaguar Formula One team. Red Bull F1 will become the new team name for 2005. Champ Car series co-owner Kevin Kalkhove was announced as buyer of Cosworth. Cosworth will remain engine-supplier of the Minardi F1 team.
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As part of the deal the new Red Bull F1 team will continue to use Cosworth engines next year. This announcement, together with the news that Minardi will also be using Cosworth engines in 2005, helps underpin Cosworth's long and ongoing role as an F1 engine supplier. "We are strongly committed to continuing the great F1 tradition at Cosworth and take that very successful heritage into the future," stated Kevin Kalkhoven, "and we want to extend Cosworth's four-decade old tradition of building performance engines for the American racing market."
An additional reason for Kalkhoven and Forsythe's purchase of Cosworth is to ensure control of the development and costs of engines for Champ Car's ladder series. "As we go forward, Cosworth will be a developer of affordable engines for the Champ Car ladder series," Forsythe said.
Commenting on the news, Cosworth Managing Director Tim Routsis said: "This is wonderful news for Cosworth. We have an excellent relationship with Kevin and Gerry built up over time through our involvement in North American motorsport. Being acquired by people of their knowledge, resource, experience and passion is a rare opportunity to not only strengthen and expand our existing position in world-wide motor sport, but also to lead Cosworth into new markets that will provide long-term stability and a foundation for future growth."
"The high regard in which Kevin and Gerry hold the Company, its people, brand and products has been demonstrated today in the most convincing manner possible," stated Routsis.
Richard Parry-Jones concluded: "Today marks the passing of an era. After competing for over thirty-five years in the sport in partnership with Cosworth, deciding to exit F1 was a very tough decision for us to make. During that time, the Ford-Cosworth relationship has experienced the highs and lows of the sport, but we have also left a rich legacy of victories and championships won by some of the most famous drivers and teams in motorsports 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 this famous racing name will go forward under the stewardship of Kevin Kalkhoven and Gerry Forsythe. We look forward to a continuing relationship with Cosworth," said Parry-Jones.
At 14.00 (local time) there will be another press conference. This one will be with more information about Red Bull buying the Jaguar Formula One team. So more information about the Red Bull F1 will come later today.
