Red Bull are the new owners of Jaguar Racing after Ford completed their withdrawal from Formula One.

Red Bull are the new owners of Jaguar Racing after Ford completed their withdrawal from Formula One.

Control of the engine supplier Cosworth goes to American racing entrepreneur Kevin Kalkhoven.

Red Bull confirmed their purchase in a statement which read: "We are really looking forward to our first Formula One season with Jaguar. This step is a provisional summit of our 10-year involvement in motorsport."

Ford had been facing a deadline of 5pm today to conclude negotiations with potential buyers and enter the 2005 world championship or close the team.

That disastrous situation has been avoided and Jaguar, who are almost certain to be renamed in honour of their new owners, will enter next season, saving around 300 jobs at their Milton Keynes base.

Red Bull has long been active in Formula One after starting off as a sponsor with Sauber and then moving on to support young drivers such as Enrique Bernoldi and Christian Klien.

Their money alone secured Klien his drive at Jaguar this year but it remains to be seen whether the Austrian will return in 2005.

Red Bull's takeover of Jaguar will almost certainly bring their long-running relationship with Sauber to an end and is likely to bring Italian youngster Vitantonio Liuzzi into Formula One.

Liuzzi won the International Formula 3000 title this season with Red Bull backing but has so far failed to land a Formula One seat.

Red Bull also confirmed they will stick with Cosworth engines for next season, with more on the future direction of that company set to be unveiled when Kalkhoven holds a press conference at 5pm UK time.

Today's confirmation of Jaguar's 2005 entry removes the threat of three-car teams in Formula One.

If the grid had been cut from 10 to nine teams, the remaining teams would have been forced to field extra cars to make up the numbers.