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RPT-Motor racing-Jaguar not for sale, says Ford

By Will Gray

LONDON, August 22 (Reuters) - Ford-owned Formula One team Jaguar is not for sale, the company's group vice president Richard Parry-Jones said on Thursday.

The BBC reported earlier that Austrian Dietrich Mateschitz, boss of soft drink company Red Bull, was in talks with Ford's top-level management about buying the team, but the American motor giant denies it is on the verge of pulling out of the project.

"Ford Motor Company management is not in negotiations and is not planning on the sale of Jaguar Racing," a Jaguar spokesman, speaking to Reuters, quoted Parry-Jones as saying.

Speculation that Jaguar's Formula One project would be dropped arose when rival team Jordan sealed a major engine supply deal with Ford for 2003, which was announced ahead of the Hungarian Grand Prix last Sunday.

Jordan will run with Ford's blue oval on the side of their car next year, but it is not a full works deal.

Parry-Jones is largely responsible for Ford's Formula One project, and his comment confirms his company's commitment to the team since the Jordan deal was announced.

Jaguar, whose drivers are Eddie Irvine and Pedro de la Rosa, made their debut in 2000 but have failed to live up to expectations and struggled this year with a poorly performing car.

The funding from Ford is not as large as rival manufacturer-backed teams, with much of the budget being made up from sponsors.

But the lack of results during their three years in the sport has left Ford chiefs divided over the worth of Formula One.

Jordan made their debut in 1991 using Cosworth engines and have won three races since the beginning of 1998.

It is now likely that Ford will work with Jaguar for at least the next year while providing some funding to Jordan before deciding which team to back in the long term.

A source close to Ford told Reuters: "That is certainly a long-term option and it makes perfect business sense."

Jaguar have scored just three points this year, in the opening Grand Prix of the season in Australia, while Jordan are on seven points.