OWRS owners buy Cosworth

The announcement came as the Blue Oval also confirmed that it had sold Jaguar Racing to energy drinks company Red Bull.

The new owners of the engine specialist have committed to continuing its manufacture and supply programmes in and out of F1 and will continue to supply the new Red Bull Racing team.

It has also underwritten Minardi's agreement, made before the sale, although Jordan has switched to Toyota [see separate story]. It also means that the Champ Car's exclusive engine supply remains in tact.

Continuity of engine supply for Jaguar Racing's purchasers was considered to a major consideration in the negotiations and was key to Kalkhoven and Forsythe's acquisition.

"This is a unique opportunity to own a company with a heritage and legacy," said Kalkhoven. "I'm delighted with the Red Bull deal and that Cosworth will be on the F1 grid."

"We are strongly committed to continuing the great F1 tradition at Cosworth and take that very successful heritage into the future."

Ford's chief technical officer Richard Parry-Jones believes that Cosworth's new owners will develop the business on. "When you look at potential buyers you're aiming to find people that will take the businesses forward," he said. "I'm very relaxed with Kalkhoven's and Forsythe's attitude and approach.

"I don't think there is any immediate decision on any restructuring because they need to get in there and take stock of the situation. But if they do have to make changes then they have agreed to do so under the terms that Cosworth would normally use."