Kalkhoven, Forsythe buy Cosworth [updated].

Kevin Kalkhoven and Gerald Forsythe, co-owners of the Champ Car World Series and heads of the PKV and Forsythe Championship Racing Champ Car teams, have been unveiled as the new owners of Cosworth at a press conference in London.

Ford also announced the sale of Jaguar Racing to Red Bull, for the formation of the new Red Bull Racing team. As part of the deal the new Red Bull F1 team will continue to use Cosworth engines next year. This announcement, together with the news that Minardi will also be using Cosworth engines in 2005, helps underpin Cosworth's long and ongoing role as an F1 engine supplier - as well as securing an engine deal for the Champ Car World Series.

"We wanted to be able to maintain the F1 heritage of Cosworth, both in the past and into the future," Kalkhoven said. "We are delighted that Cosworth will remain on the F1 grid and will hopefully be able to challenge for podiums and the championship.

"We will also continue with our programmes in America, especially in the Champ Car World Series, where we have seen engines of spectacular reliability, incredibly close and competitive racing, and an entertainment value that is second to non in the world of open wheel motorsports.

"We will also look to extend some of the activities of Cosworth in the United States into some of our ladder series and other forms of open wheel racing in the future, so on both sides of the Atlantic, Cosworth has developed a tremendous reputation, with some of the best people and best products, and it is a real thrill to be able to maintain that and develop this fine company into the future."

Forsythe added that the aim now was not only to maintain Cosworth as it is, but to expand in the future.

"Broadly, we're looking at the whole area of engine development, but also in new markets, such as supplying kits to the emerging tuner car market," he said. "We also intend to continue working with automotive manufacturers around the world on an even more expansive basis than Cosworth has in the past."

An additional reason for Kalkhoven and Forsythe's purchase of Cosworth is to ensure control of the development and costs of engines for Champ Car's ladder series.

"As we go forward, Cosworth will be a developer of affordable engines for the Champ Car ladder series," Forsythe said.

Cosworth Managing Director Tim Routsis was delighted with the deal.

"This is wonderful news for Cosworth," he said. "We have an excellent relationship with Kevin and Gerry built up over time through our involvement in North American motorsport. Being acquired by people of their knowledge, resource, experience and passion is a rare opportunity to not only strengthen and expand our existing position in world-wide motor sport, but also to lead Cosworth into new markets that will provide long-term stability and a foundation for future growth.

The high regard in which Kevin and Gerry hold the Company, its people, brand and products has been demonstrated today in the most convincing manner possible."

Richard Parry-Jones, group vice president of the Ford Motor Company was also delighted that a deal to save Cosworth had been done, although he admitted it was the end of an era.

"I am delighted that Kevin Kalkhoven and Gerald Forsythe have bought Cosworth," he said. "Since we made the announcement to sell our F1 businesses in September we have received tremendous support from the management and employees at Cosworth and we have worked very hard to secure a sale to a reputable buyer. Kevin and Gerry are very successful businessmen, have a long history in the sport and a clear vision for how they wish to take Cosworth forward. I am pleased to announce this outcome.

"Today marks the passing of an era. After competing for over thirty-five years in the sport in partnership with Cosworth, deciding to exit F1 was a very tough decision for us to make. During that time, the Ford-Cosworth relationship has experienced the highs and lows of the sport, but we have also left a rich legacy of victories and championships won by some of the most famous drivers and teams in motorsports history.

"This success would not have been possible without the contribution of our employees, partners, drivers, sponsors and of course the fans. I would like to thank them all, and am reassured that this famous racing name will go forward under the stewardship of Kevin Kalkhoven and Gerry Forsythe. We look forward to a continuing relationship with Cosworth."

You can listen in to the full Cosworth press conference on the Crash.net Radio archive - found by clicking the Radio link.