Ford sold Jaguar F1 team to Red Bull for a reported symbolic dollar

Ford confirmed the sale of Jaguar Racing to Red Bull on 15 November 2004, a deal that laid the groundwork for the team’s later success. The official price was never disclosed; later reporting put it at a symbolic dollar. Red Bull also had to finance the operation and was reportedly set to invest about $400 million in the project.

Ford had announced its intention to leave Formula 1 in September 2004, after a strategic review found no convincing business reason for any of its brands to remain. Rising costs and pressure on Ford’s regular car business contributed to Jaguar’s difficulties, and Ford concluded it could not compete with the roughly $200 million budgets of Ferrari, Mercedes and BMW. At the same time, Ford sold Cosworth to Champ Car owners Kevin Kalkhoven and Gerald Forsythe, ending its wider involvement in F1.

For Red Bull founder Dietrich Mateschitz, the Milton Keynes acquisition was a logical next step after a decade of investment in motorsport. The team had been founded by Jackie Stewart and sold to Ford in 2000. In the 22 years after the sale, Red Bull won six constructors’ titles, eight drivers’ championships and 136 races.

Ford returned to Formula 1 in 2026 as a technical partner of Red Bull Powertrains. The partnership, based on an agreement made in 2023 and running at least through 2030, includes technology for battery cells, electric motors and control software for the hybrid power units.