11-17-2004, 12:50 PM
Join Date: Aug 2003
Location: Ashburn, VA
What I Drive: 2014 focus electric
FF Reputation: 2
Buy-Sell-Trade Rating: (7
Ford Sold Cosworth and Jaguar Racing
Ford Motor Company and Cosworth are jointly announcing today that Cosworth has been purchased by 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, respectively.
"I am delighted that Kevin Kalkhoven and Gerald Forsythe have bought Cosworth. 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," said Richard Parry-Jones, Group Vice President – Global Product Development and Chief Technical Officer, Ford Motor Company. "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."
"Cosworth has a truly wonderful heritage of engineering that we have great respect for," said Kevin Kalkhoven, the new co-owner of Cosworth. "We want not only to continue on from that great tradition but also move into the future with new projects and new ideas. There are many new markets we want to develop. For example, the company has been doing a lot of work on new technology marine engines, which should be very appropriate in the coming years. I believe there’s a big opportunity in that area."
Gerry Forsythe added: "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. We also intend to continue working with automotive manufacturers around the world on an even more expansive basis than Cosworth has in the past."
Separately today, Ford announced the sale of Jaguar Racing to Red Bull. 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.
"We are strongly committed to continuing the great F1 tradition at Cosworth and take that very successful heritage into the future," stated Kevin Kalkhoven, "and we want to extend Cosworth’s four-decade old tradition of building performance engines for the American racing market."
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.
Commenting on the news, Cosworth Managing Director Tim Routsis said: "This is wonderful news for Cosworth. 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," stated Routsis.
Richard Parry-Jones concluded: "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 rela
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