Ford Confirms Sale of Jaguar, Cosworth

Ford confirmed on Monday that Red Bull had bought their Formula One team and that their engine manufacturer Cosworth had been sold to the owners of the Champ Car series.

"I am really pleased that Red Bull has bought Jaguar Racing", said Richard Parry-Jones, Ford Group vice-president.

"Since we made the announcement to sell our F1 businesses in September we have received outstanding support from the management and employees of Jaguar Racing and we have worked very hard to secure a sale to a reputable buyer."

Ford said that Tony Purnell would remain principal of the new team. The team will use Cosworth engines next year.

"Today marks the passing of an era," said Parry-Jones. "After over 35 years in the sport, deciding to exit F1 was a very tough decision for us to make.

"During that time we have experienced the highs and lows of the sport that we have also left a legacy of victories and championships won by some of the most famous drivers and teams in the sports history.

"This success would not have been possible without the contribution of our employees, partners, drivers, sponsors and of course the fans," added Parry-Jones.

"I would like to thank them all and am reassured that we have sold our F1 businesses to new owners who have long histories in the sport and want to take these great companies forward."

Cosworth has been sold to Kevin Kalkhoven and Gerald Forsythe, the co-owners of the U.S. based Champ Car Series and also team owners of the PKV and Forsythe teams.

"We are strongly committed to continuing the great F1 tradition at Cosworth and take that very successful heritage into the future," said Kalkhoven in a statement.

The struggling Minardi team would also be using Cosworth engines in Formula One next year.