LONDON -- Jaguar will race next season in Formula One after being taken over by Red Bull on Monday.
Jaguar's parent company, Ford, said on Sept. 17 it couldn't
afford to be part of Formula One. Ford had until noon Eastern time
Monday to conclude negotiations with potential buyers and enter the
2005 championship or close the England-based team.
Red Bull said it would stick with engines made by Jaguar's
Cosworth engines subsidiary for next season.
"We are really looking forward to our first Formula One season with Jaguar," Red Bull GmbH said in a statement. "This step is a provisional summit of our 10-year involvement in motorsport."
Red Bull, a drinks company based in Austria, has sponsored F1 team Sauber and also been involved with young drivers such as
Enrique Bernoldi and Christian Klien.
Red Bull's takeover means there will be 10 teams on the grid
next season. If the grid had been cut to nine, the remaining teams
would have had to field extra cars.