Ford has announced the end of its participation Formula 1

Ford has also announced the end of car production in Coventry -  with the loss of more than 1,000 jobs.  Cosworth engineering will no longer receive a Ford subsidy which may have implications for the continuedsupply of engines to Minardi and Jordan.

"Jaguar's presence in Formula One has been a valuable marketing and brand awareness platform particularly outside our main markets of the US and the UK,” said Chairman and CEO Jaguar and Land Rover, Joe Greenwell. “However it was our collective view that it is time for Jaguar Cars to focus 100% on our core business."

“After a thorough review over many months Ford Motor Company has decided it can no longer make a compelling business case for any of its brands to compete in Formula One,” Greenwell continued. “Having reached this decision our focus has turned to securing the best future for our Formula One businesses and our employees in these businesses going forward. We are therefore putting our Formula One businesses up for sale. “