15 November: The Ford Motor Company announced today that it has sold both Jaguar Racing and Cosworth. Jaguar Racing was purchased by Red Bull, the world leader in energy drinks. Red Bull was a sponsor of Jaguar in 2004 and will continue to purchase engines from Cosworth.
Cosworth was purchased by Kevin Kalkhoven and Gerald Forsythe, co-owners of the Champ Car World Series and heads of the PKV and Forsythe Championship Racing Champ Car teams respectively.

Quotes on the Jaguar sale to Red Bull

Richard Parry-Jones, Group Vice President - Global Product Development and Chief Technical Officer, Ford Motor Company said "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. 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."

Dietrich Mateschitz, founder and CEO of Red Bull said "Our move to fully owning a Formula One race team makes good business sense for 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."

Tony Purnell, Team Principal said "Wow! Can you imagine a better outcome for our Team at Milton Keynes?. 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!"

Mark Fields, executive vice president, Ford of Europe and chairman and CEO, Premier Automotive Group said "Having taken the tough decision to exit Formula One after over 35 years in the sport, our focus has been to secure the best future for our Formula One businesses and our employees. We now will concentrate our efforts to improve the results of Jaguar Cars and the Premier Automotive Group."

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.

About Red Bull: 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.

Statement from Red Bull

On the very day of the 2005 Formula One season�s registration deadline, it was officially confirmed that Red Bull has purchased Jaguar Racing. More detailed information on plans for the new Formula One team�including the drivers and the cars� new livery�will be made available during the coming weeks and months.

For the moment, it is safe to say that the team will continue competing this season with Cosworth engines, and that

Red Bull Racing - Interim Test Livery

the team�s home will remain in Milton Keynes, England. Existing employees of Jaguar Racing are to be retained, and team head Tony Purnell has accepted the invitation to continue providing his leadership.

The acquisition of an "in-house" Formula One team is a logical continuation of Red Bull�s longtime enthusiasm for motor sports. Above all, it perfectly compliments Red Bull�s training activities with the Red Bull Junior Team: from now on, selected talents will be accompanied, advised and supported from their first go-karting attempts right up to the ultimate discipline.

Quotes on the Cosworth sale to Kevin Kalkhoven and Gerald Forsythe

Richard Parry-Jones said "I am delighted that Kevin Kalkhoven and Gerald Forsythe have bought Cosworth. Since we made the announcement to sell our F1 businesses in September we have received tremendous support from the management and employees at Cosworth and we have worked very hard to secure a sale to a reputable buyer. Kevin and Gerry are very successful businessmen, have a long history in the sport and a clear vision for how they wish to take Cosworth forward. I am pleased to announce this outcome."

Kevin Kalkhoven, co-owner of Cosworth said "Cosworth has a truly wonderful heritage of engineering that we have great respect for. We want not only to continue on from that great tradition but also move into the future with new projects and new ideas. There are many new markets we want to develop. For example, the company has been doing a lot of work on new technology marine engines, which should be very appropriate in the coming years. I believe there�s a big opportunity in that area.
We are strongly committed to continuing the great F1 tradition at Cosworth and take that very successful heritage into the future and we want to extend Cosworth�s four-decade old tradition of building performance engines for the American racing market."

Gerry Forsythe, co-owner of Cosworth said "Broadly, we�re looking at the whole area of engine development, but also in new markets, such as supplying kits to the emerging tuner car market. We also intend to continue working with automotive manufacturers around the world on an even more expansive basis than Cosworth has in the past."

Tim Routsis, Cosworth Managing Director 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."

2005 Formula 1 Team and Driver Lineup