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Red Bull buys Jaguar Formula One team

Austrian drink company Red Bull has bought the Jaguar Formula One team from Ford which withdrew the team after this year's world championship.

Red Bull's Austrian billionaire owner Dietrich Mateschitz said the team would use engines made by Cosworth, which Jaguar-owners Ford had also put up for sale. Red Bull was Jaguar’s F1 sponsor this year.

Ford put Jaguar Racing and Cosworth up for sale in September as part of a major cost-cutting programme. The team had until Monday to find a buyer in order to meet the deadline for teams to enter the 2005 Formula One championship.

There are reports Ford asked for a symbolic $1 if the new owners guaranteed to invest $400m (£215m) into the team over the next three Grand Prix seasons. Other sources say the asking price was $28 million.

The takeover could secure the future of the 300-strong Milton Keynes-based team, although Mateschitz made no assurances regarding jobs.

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