LONDON (AFP) - Ford predicted a bright future for the Jaguar Formula One team after completing the sale of the racing outfit to energy drinks company Red Bull.
Red Bull, who sponsored Jaguar last season through Austrian driver Christian Klien, confirmed a buy-out deal on Monday morning after weeks of negotiations.
Parent company Ford put the Jaguar team up for sale in September after deciding to pull out of Formula One, but they will now remain on the grid next year.
Ford's vice-president Richard Parry-Jones confirmed the deal in London and predicted better times ahead for the new Red Bull owned team.
"I can confirm that Jaguar has been bought by Red Bull," he said. "It has been quite a complex deal. But we've been able to broker the best outcome. "We've worked hard to sell the businesses and everyone has worked hard to achieve this goal.
"The (Jaguar) team will be competitive in 2005 under the Red Bull ownership and will continue to use Cosworth engines, as will the Minardi team."
He added: "Today's news marks the end of an era. It was a tough decision to sell because there have been some highs and there have been some lows." Cosworth, which was also put up for sale, has been purchased by Kevin Kalkoven and Gerry Forsythe, owners of the United States-based Champ Car series.
The new Red Bull team will continue to use Cosworth engines and back-of-the-grid Minardi will also be given a supply of power plants. Jordan, who also used Cosworth engines this season, announced on Monday that they will be supplied by Toyota in 2005.
"Cosworth has been purchased by Kevin Kalkoven and Gerry Forsythe," Parry-Jones said.
Kalkoven, who attended a hastily-arranged press conference in London having earlier visited Cosworth's Northamptonshire base, promised the engine supplier will be striving for success in Formula One.
"I'm delighted with the situation with Red Bull," he said. "Cosworth will be challenging for places on the podium and hopefully for the championship."
The buy-out deal will save around 350 jobs at Jaguar and will keep the minimum number of teams on the Formula One grid.
Jaguar entered Formula One in 2000 but scored just 49 points in 85 races with a best championship position of seventh in 2002 and 2003.
Their best results came with two third places in Monaco in 2001 and Italy in 2002 before Ford made the decision that being involved in Formula One was not value for the 100 million dollars a-year they were spending.
Red Bull were expected to retain the services of Klien for 2005 but will need to appoint a second driver after Australian Mark Webber was allowed to switch to Williams.
11/15/2004 - 14:34 GMT - AFP