Red Bull eyes Jaguar

The boss of the energy drink giant, Dietrich Mateschitz, is reportedly very serious about the buy-out, which would also include buying the team's engine supplier Cosworth as he bids to run an 'All American F1 Team' powered by Ford engines.

Chances of a buy-out increased last weekend when the team's major sponsor HSBC revealed it would not continue backing the team beyond 2004. At HSBC's AGM, the bank's chairman, Sir John Bond, told shareholders that it was not satisfied with Jaguar's performance.

"I share your disappointment with the team's performance," he said. "We did it to raise our profile and I think it has probably served its purpose. We are committed to the end of 2004 and will make an announcement at the right time."

A team source told the magazine that the outfit had recently held a successful meeting with Ford, but it is thought that certain conditions need to be met in order for the manufacturer to continue backing the team.

"There is a feeling that he who spends the most wins," said the source. "But if it is fair and the sport's costs remain sensible then Ford has every intention of staying."

Even if the Jaguar buy-out does not happen, the drinks giant could become a major backer of the team switching its allegiance from Sauber - who it currently sponsors - to Jaguar with Red Bull-backed F3000 star Vitantonio Liuzzi and Renault test driver Franck Montagny considered possible drivers should Mark Webber leave.