Energy drink company Red Bull GmbH purchased the Jaguar Formula One team from Ford, Red Bull officials said this week. The deal includes all the Jag F1 team's assets, including the headquarters in Milton Keynes, England, and wind tunnel and test facilities in Bicester and Bedford.
The new team will be called Red Bull Racing. Terms of the deal were not disclosed.
The team will run next year's F1 schedule with Cosworth-powered cars. Champ Car co-owner Kevin Kalkhoven confirmed his purchase of Cosworth.
Red Bull officials said they have asked team principal Tony Purnell and managing director David Pitchforth to stay.
"Our move to fully owning a Formula One team makes good business sense for Red Bull," said owner Dietrich Mateschitz in a statement.
Red Bull will begin testing for the 2005 season Nov. 24-26 in Barcelona and at Jerez Dec. 1-3 and 8-11.
Officials said a driver lineup will be announced after the first of the year.