Red Bull Boss Confirms Jaguar Buyout

Austrian energy drink firm Red Bull has taken over the Jaguar Formula One team from Ford, Red Bull's owner told a newspaper on Sunday.

"It is true, we bought Jaguar Racing at the weekend," Red Bull's billionaire owner Dietrich Mateschitz was quoted as saying by Austria's Salzburger Nachrichten on its website.

Mateschitz's comments confirmed media reports that a deal had been reached just before Monday evening's deadline for entries to the 2005 Championship. He did not, however, say how much Red Bull had paid.

Ford have reportedly spent about $2 million a week keeping the team afloat since the end of the season that finished last month.

The takeover should secure the future of the 300-strong Milton Keynes-based team and end talk of other Formula One teams having to run three cars next year to make up the numbers on an otherwise depleted grid.

Mateschitz said he could not provide job guarantees but added that he had no plans to change the team's leadership in the short term, the newspaper said.

Asked whether the team would sign Austrian driver Christian Klien, who made his F1 debut at Jaguar last season and was sponsored by Red Bull, Mateschitz said he would be considered.

"Like other drivers, he will come to testing as of late November," Mateschitz said. "But it is true that a second season for Christian after his debut would make sense."

The team will use a Cosworth engine this season because there is too little time to make changes to the car's design, the newspaper said. "But I can imagine a change in 2006," Mateschitz added.

Red Bull will end its sponsorship of the Swiss-based Sauber team, the newspaper reported.

Red Bull was involved with the now-defunct Arrows team and has been involved in Formula One and motor racing for years as well as in a range of action sports.