Red Bull set to take over Jaguar team

A press conference this morning is expected to confirm the salvation of Jaguar Racing and Cosworth, as well as easing mounting fears over the future of Formula One.

A press conference at the Conrad Hotel in Chelsea, London, has been called to discuss the future of the Ford Motor Company in Formula One.

There the United States-based company is expected to confirm it has sold the Jaguar team to soft drinks giant Red Bull, with engine supplier Cosworth going to US racing entrepreneur Kevin Kalkhoven.

Ford had a deadline of 5pm today to conclude negotiations with potential buyers and enter the 2005 world championship or close the team.

Red Bull has long been active in Formula One after starting off as a sponsor with Sauber and then moving on to support young drivers such as Enrique Bernoldi and Christian Klien.

Their money alone secured Klien his drive at Jaguar this year and he stands a good chance of returning for 2005.

Red Bull’s takeover of Jaguar will almost certainly bring their long-running relationship with Sauber to an end and is likely to bring Italian youngster Vitantonio Liuzzi into Formula One.

Liuzzi won the International Formula 3000 title this season with Red Bull backing but has so far failed to land a Formula One seat.

Red Bull are expected to stick with Cosworth engines for next season.

Today’s expected confirmation of Jaguar’s 2005 entry removes the threat of three-car teams.

If the grid had been cut from 10 to nine teams, the remaining teams would have been forced to field extra cars to make up the numbers.