VIENNA (AFP) - Austrian energy drink makers Red Bull said they had bought the Jaguar formula one motor racing team from Ford who withdrew the team after this year's world championship.
Parent company Ford put Jaguar Racing up for sale in September after the British-based team failed to produce the goods in Formula One despite a 100 million-dollar-a-year budget.
Red Bull were Jaguar sponsors this year and they also sponsor the Swiss-based Sauber team and were formerly involved with now-defunct Arrows. They are also one of the big sponsors of the European golf tour.
Red Bull chief Dietrich Mateschitz said in a statement that Jaguar would be racing with Cosworth engines next year. Ford has also put Cosworth up for sale.
"We are really looking forward to our first season with Jaguar," Mateschitz said Monday.
"The team proved its class in a difficult year last season," he added.
No financial details were released but Ford were reported to have asked for a symbolic dollar if the new owners guaranteed to invest 400 million dollars into the team over the next three Grand Prix seasons.
The team had until Monday to find a buyer in order to meet the deadline for teams to enter the 2005 Formula One championship.
Jaguar has a magnificent motorsport heritage but that has not been the case in Formula One.
In 85 races they secured just 49 points with a best championship position of seventh in 2002 and 2003 and two third places in Monaco, 2001 and Italy, 2002 their best finishes.
The team, which was created after Ford bought Stewart Grand Prix, quickly became renowned for regular changes of management during its early years with former racers Niki Lauda and Bobby Rahal both spending time at the helm.
After enjoying tremendous success in sportscars Jaguar made a high-profile arrival in 2000 when posterboards surrounding Melbourne's Albert Park Grand Prix circuit heralded the coming of the cat'.
They signed the 1999 world championship runner-up Eddie Irvine from Ferrari but their opening season yielded just four points and their second year just nine and Northern Irishman Irvine left after a third season.
Australian Mark Webber, who will now join Williams, took up the job of team leader but in his two years with the team he has never managed to better the fifth place finish he scored for his previous team Minardi on his Grand Prix debut.
Jaguar had an embarrassing race in the Brazilian Grand Prix which brought the 2004 season to a close in October when their Austrian driver Christian Klien crashed into Webber and ended up as their sole finisher in 14th place.
Team chief Tony Purnell, who took over with managing director Dave Pitchforth in late 2002, will be looking for a new driver to replace Webber for next season.
11/15/2004 - 10:28 GMT - AFP