LUD02C
18-09-2004, 01:37 PM
Jaguar to leave Formula One
‘Ford to exit F1 activities’
Jaguar and Ford to leave Formula One
Ford today announced the end their Formula One programme with Jaguar. The F1 squad will not be re-branded as Ford as previously rumoured, but in fact is to be sold.
The unexpected announcement was made as Ford announced that it was ending production of cars at a plant in Coventry, central England, with the loss of more than 1,000 jobs because of weak demand for the up-market brand.
Cosworth engineering will no longer receive a Ford subsidy, throwing into doubt the supply of engines to both Minardi and Jordan Grand Prix.
"Jaguar's presence in Formula One has been a valuable marketing and brand awareness platform particularly outside our main markets of the US and the UK,” said Chairman and CEO Jaguar and Land Rover, Joe Greenwell. “However it was our collective view that it is time for Jaguar Cars to focus 100% on our core business."
“After a thorough review over many months Ford Motor Company has decided it can no longer make a compelling business case for any of its brands to compete in Formula One,” Greenwell continued. “Having reached this decision our focus has turned to securing the best future for our Formula One businesses and our employees in these businesses going forward. We are therefore putting our Formula One businesses up for sale. “
Earlier this week, managing director David Pitchforth had voiced confidence that the team would receive an increased budget for the 2005 season.
Providing Jaguar with the resources required to allow it to compete on a level playing field with leading manufacturer teams like Ferrari and Renault would have required a major cash injection that Ford would have found difficult to justify at a time when it is cutting 1,000 jobs.
World champions Ferrari spend around 600 million dollars a year while Jaguar's 2004 budget was estimated at around 180 million dollars and their performances reflect their limited funding. Current race drivers Christian Klien and Mark Webber can both claim a best finish of sixth position.
A statement from Ford
Ford (to) exit from Formula One racing activities, including the sale of those operations. The personnel reductions and the Formula One decision together are estimated to result in a charge to pre-tax income of approximately $450 million. Of this, it is expected that approximately $375 million of these charges are to occur this year, with the remainder occurring next year.
E.A.
Source AFP / Ford
Lucky Webber got out before this.
Problem is that Klein is becoming a good driver.
I hope Red Bull buy it.
Jason :wave:
‘Ford to exit F1 activities’
Jaguar and Ford to leave Formula One
Ford today announced the end their Formula One programme with Jaguar. The F1 squad will not be re-branded as Ford as previously rumoured, but in fact is to be sold.
The unexpected announcement was made as Ford announced that it was ending production of cars at a plant in Coventry, central England, with the loss of more than 1,000 jobs because of weak demand for the up-market brand.
Cosworth engineering will no longer receive a Ford subsidy, throwing into doubt the supply of engines to both Minardi and Jordan Grand Prix.
"Jaguar's presence in Formula One has been a valuable marketing and brand awareness platform particularly outside our main markets of the US and the UK,” said Chairman and CEO Jaguar and Land Rover, Joe Greenwell. “However it was our collective view that it is time for Jaguar Cars to focus 100% on our core business."
“After a thorough review over many months Ford Motor Company has decided it can no longer make a compelling business case for any of its brands to compete in Formula One,” Greenwell continued. “Having reached this decision our focus has turned to securing the best future for our Formula One businesses and our employees in these businesses going forward. We are therefore putting our Formula One businesses up for sale. “
Earlier this week, managing director David Pitchforth had voiced confidence that the team would receive an increased budget for the 2005 season.
Providing Jaguar with the resources required to allow it to compete on a level playing field with leading manufacturer teams like Ferrari and Renault would have required a major cash injection that Ford would have found difficult to justify at a time when it is cutting 1,000 jobs.
World champions Ferrari spend around 600 million dollars a year while Jaguar's 2004 budget was estimated at around 180 million dollars and their performances reflect their limited funding. Current race drivers Christian Klien and Mark Webber can both claim a best finish of sixth position.
A statement from Ford
Ford (to) exit from Formula One racing activities, including the sale of those operations. The personnel reductions and the Formula One decision together are estimated to result in a charge to pre-tax income of approximately $450 million. Of this, it is expected that approximately $375 million of these charges are to occur this year, with the remainder occurring next year.
E.A.
Source AFP / Ford
Lucky Webber got out before this.
Problem is that Klein is becoming a good driver.
I hope Red Bull buy it.
Jason :wave: