By steve
November 16 2004

Energy Drink Supplier Red Bull has bought Jaguar Racing. Rewarding the teams hard work and commitment. Lets hope that the team rewards the new owner and fans with great results next season....Actually, expect several podiums and possibly a win or two next year. You've heard it here first. At a press conference held in London on Monday, Ford's Richard Parry-Jones said: "I am really pleased that Red Bull has bought Jaguar Racing.

"Since we made the announcement to sell our F1 businesses in September we have received outstanding support from the management and employees at Jaguar Racing and we have worked very hard to secure a sale to a reputable buyer.
"Red Bull is a very successful business and has been extensively involved in F1 and global motorsport for over a decade. I am very pleased to announce this outcome.
Today marks the passing of an era. After over thirty-five years in the sport, deciding to exit F1 was a very tough decision for us to make. During that time we have experienced the highs and lows of the sport, but we have also left a legacy of victories and championships won by some of the most famous drivers and teams in the sport's history.
"This success would not have been possible without the contribution of our employees, partners, drivers, sponsors and of course the fans. I would like to thank them all, and am reassured that we have sold our F1 businesses to new owners who have long histories in the sport and want to take these great companies forward.
"Having taken the decision to exit our aim has been to try and secure the best F1 future for the team, our employees and minimise the fallout in the sport. Everyone has worked hard to achieve that goal, and in this respect I am pleased that the Jaguar Racing team will be taken forward by Red Bull."

New team owner Dietrich Mateschitz had the following to say:

"Our move to fully owning a Formula One race team makes good business sense for Red Bull. Add to this the opportunity of being directly involved in a sport and activity from which I derive great personal pleasure, then it is easy to understand how delighted I am to have made this purchase," Mateschitz told the media.
"Not only does the ownership of this team represent the high point of our involvement in motor racing, it is also the logical and final step in the process we started with the Red Bull Junior programme, where we identify, advise and promote young talent through the different formula from Karting to the very pinnacle - Formula One."

The new team will be known as Red Bull Racing.
Fortunately the teams management will remain, with current team boss Tony Purnell and managing director David Pitchforth.
Tony Purnell had this to say:

"Wow! Can you imagine a better outcome for our team at Milton Keynes?
"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!"
On November 24th, the new team will commence their testing programme with an interim car and livery.