Ford geared up for 2001 title attack

Team founder Jackie Stewart says the Ford buyout was the only way to shortcut the team's route to the top of Grand Prix racing.

'If we had gone about it in the normal way, we could not have expected to be competitive for at least 10 years,' he said.

The deal is reputed to be worth as much as £50 million and makes Ford only the second motor manufacturer to own an F1 team. Ferrari owner Fiat is the other.

'To take on the Ferraris and McLarens is another step which takes resources, people, money and facilities which we currently do not have,' explained Stewart.

The 60-year-old is expected to continue as the team's chairman until the end of the year at least.

Martin Whitaker, Ford's director of motor sport in Europe, likened the move to the company's take-over of its long-time engine builder Cosworth last year.

Since then, Ford's F1 engine has taken massive strides forward.

'The objective is to take Ford back to the top of the sport,' claimed Whittaker.

'You can't just build a racing car and bolt an engine in the back and expect to be competitive any more. You have to build the car and engine together.'

'We will now be able to give our vast resources to taking Ford back to the world championship.'

F1 insiders have expressed surprise that Ford should want to spend such a large sum on something that it effectively owned anyway.

It helped Stewart set up the team, provided its engines and has close links with all its sponsors.