Formula One news

Stewart, Purnell, say 'no' to Jag buy-out

Sir Jackie Stewart and Tony Purnell have ruled out making bids for Ford's Formula One team Jaguar, which is for sale. Purnell, Milton-Keynes' current boss, said he can't afford it, and team founder Stewart's response was 'been there, done that.'

It's reported that about $100 million is the off-the-record asking price, up $10m since Ford bought 'Stewart' back in 1999.

Ford's Richard Parry-Jones justified the US manufacturer's decision to pull out by claiming F1 is now 'too expensive.' He added: "F1 generates a lot of income (but) it is not distributed equitably to the various stakeholders."

Parry-Jones' comment brings into stark reality the almost identical statement of Ferrari president Luca di Montezemolo. Red Bull magnate Dieter Mateschitz, and F3000 team owner Christian Horner, are also touted as possible Jaguar buyers.

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