Ford To Buy Stewart Grand Prix.
Ford has announced that it is to acquire the Stewart Grand Prix team in order to strengthen its involvement in what it terms the world's premier race series.
The oft-rumoured purchase has finally been completed with the total agreement of both parties. Jackie and Paul Stewart will continue as chairman and CEO, and deputy chairman of the team respectively, and the outfit will continue to operate from its Milton Keynes base.
Ford has announced that it is to acquire the Stewart Grand Prix team in order to strengthen its involvement in what it terms the world's premier race series.
The oft-rumoured purchase has finally been completed with the total agreement of both parties. Jackie and Paul Stewart will continue as chairman and CEO, and deputy chairman of the team respectively, and the outfit will continue to operate from its Milton Keynes base.
"Ford's increased commitment to Formula One is great news for the team," the three-times world champion said, "To be competitive in Formula One these days, and to win the great benefits available, a team needs strong financial and technical support - and Ford can offer that."
Ford's record in grand prix racing ranks among the best, with 174 victories and 13 world championship titles to its name since a winning debut in 1967. In order to build on that record - and to re-establish itself at the forefront of Formula One - the company has now decided to invest more heavily in its involvement and buy the Stewart tea. It had only recently announced that the team would be the sole recipient of engines from next season.
"Our goal at Ford is to race to win," said chief technical officer and VP for research and technology Neil Ressler, "by buying our own team, and applying the company's comprehensive technical resources to it, I believe [we] will become increasingly more successful.
"In addition, Formula One provides hands-on engineering experience for many of our youngest and most talented engineers. It teaches them to be bold, to be imaginative and of nimble thinking. It also develops their leadership qualities, because in racing you have to take the initiative. Ultimately, these invaluable skills are passed on to the most important people of all - our customers."
"Racing provides our company with a great opportunity to connect with consumers in an exciting atmosphere," agreed CEO and president Jac Nasser, "It allows us to pilot new technology, develop engineering talent and strengthen our brands globally. Ford Motor Company has a long and very successful record in auto racing - our latest move will allow us to take our performance to the next level."
