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Posted by Pa Taket (more from Pa Taket) on Tue, 21 Sep 2004 05:15:38
In Reply to: Jaguar F1 will become Ford....., Mike Lynch [Profile/Gallery]
, Mon, 20 Sep 2004 17:53:14
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Ford has put the team up for sale, along with Cosworth. If a buyer is not found before the end of the year, the team will be shut down. There was a rumor that the team would be rebranded FORD, but this is not going to happen. The FORD WRC program is also in question (drivers have no contracts for 2005), but it looks like it will continue in some form. Apparently, they had two serious offers (one from Red Bull) to buy the team (Jaguar) earlier this year, and both were declined by the bean counters from Detroit. Whatever those offers were, they're a whole lot better than $0. Since it takes about a $50M bond to start a new F1 team, I'm sure the team is worth at elast SOMETHING, even to an asset stripper (they have a very nice wind tunnel they bought from Tom Walkinshaw/Arrows a couple of years ago). Cosworth should be an easier sell.
Remember, FORD also in recent years lost $1 billion on Kwik-Fit, a British Meineke/Midas type operation. Between, Kwik-Fit and Jag F1, that's the profit on an AWFUL lot of Fiestas.....
posted by 151.203.198...
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