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September 2004 News
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September 2004 News
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17 September: As part of a comprehensive business restructuring plan, Jaguar announced today their withdrawal from Formula One at the end of the 2004 season. A statement from Jaguar read: "As part of the package of measures to get the Jaguar business back on track and focus management and financial resources on the core business, Jaguar will withdraw from Formula One at the end of this season." Joe Greenwell, Chairman and CEO Jaguar and Land Rover said "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. 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. 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." Jaguar entered Formula 1 in 2000 with high expectations but that soon evaporated. Jaguar went through several management changes in an effort to become a top contender without much success. Their best result in the Championship is 7th in 2002 and 2003 and they are currently ranked 7th in the Constructors' Championship. There were rumours at the Italian Grand Prix that Jaguar will be rebranded Ford for next season but that is clearly not the case. Ford is now be concentrating on selling the Formula One business. Cosworth Racing who not only supply Jaguar with engines but also Jordan and
Minardi is also up for sale and the implications of that isn't yet clear at
this stage. Minardi's team boss Paul Stoddart said "Minardi has enjoyed a
long and mutually beneficial relationship with Cosworth Racing over the years,
and in light of today’s announcement, we will be working closely with
Cosworth representatives to find a workable solution regarding engine supply
arrangements for next season. We are confident of being able to arrive at a
suitable arrangement. Jordan's team boss Eddie Jordan commented on the news by saying "My thoughts are with the staff at Browns Lane, Cosworth and the Jaguar Racing F1 team as they take this in. We’re saddened by the news as we’ve enjoyed competing against Jaguar Racing and we have shared the same engine partner for the last two years. Jordan will presently analyse its position with regard to engines. On a slightly happier note, I’m proud that history will record Jordan as the last team to win for Ford in its current campaign, at the Brazilian Grand Prix 2003.” Loading
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