Formula One news

Red Bull close to Jaguar deal

Red Bull is very close to concluding a deal with Ford for the purchase of the Jaguar Racing Formula One team, the Financial Times has reported. After weeks of negotiations the reports claim a deal would likely be completed this weekend in time for Monday evening's deadline for entries to the 2005 F1 championship.

"We've accepted the offer, exchanged contracts, now all we have to do is hand over the keys," the FT's anonymous source said. 

The newspaper added that while the sale would be for a token amount that Ford was confident Red Bull would be able to run the team viably for at least the required three-year period.

Jaguar are the only existing team yet to submit their entry for the 2005 season.

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