Jaguar Boss Welcomes 'Terrific' News

Jaguar team principal Tony Purnell expressed his delight after it was confirmed the Formula One outfit have been sold to drinks firm Red Bull.

"Wow! Can you imagine a better outcome for our team at Milton Keynes?" said Purnell, who will stay as team chief. "I've got to know the folks at Red Bull well over the last year, first as a sponsor and now as our owner. High energy, high motivation, high commitment - they have it all.

"Dave Pitchforth and the team have won many admirers over the last two years, and their hard work has earned them this fabulous opportunity. The months of uncertainty are over and this news is terrific."

No financial details of the deal were given.

Austrian energy drink firm Red Bull, which is owned by billionaire Dietrich Mateschitz, have been involved with motorsport for more than a decade and owned a majority stake in the Sauber team until 2002.

Ford are reported to have been looking for a token amount in return for a purchaser taking over the running costs of their 300-strong Milton Keynes-based team.

The team will use Cosworth engines in 2005.