Formula One news

Jaguar sale to Red Bull 'close'

Red Bull is close to finalising a deal with Ford to buy Formula One team Jaguar Racing, an authoritative London newspaper said on Wednesday. The 'Financial Times' cited sources claiming the energy drink company is allowing negotiations to get as close as possible to the November 15 deadline, despite Ford's warning that a 'serious' alternate buyer is on the hook.

Ford, according to the newspaper, faces a several hundred million dollar-bill if the sale is not completed by the cut-off date for 2005 FIA team entries. It is also claimed that US corporate legislation would hold Ford accountable for the loss of 350 jobs at Jaguar's Milton-Keynes HQ.

One of Red Bull's demands, said the media report, is that Ford pick up the bill for some of the F1 team's running costs next season.

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