Ford Motor Company to Acquire Stewart Grand Prix
10 June 1999
DEARBORN, Mich. -- Ford Motor Company has agreed to purchase
Stewart Grand Prix to strengthen its involvement in the world's premier form of
auto racing.
"Racing provides our company with a great opportunity to connect with
consumers in an exciting atmosphere, pilot new technology, develop engineering
talent, and strengthen our brands globally," said Ford's chief executive
officer and president Jac Nasser. "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."
Since 1967, Ford-powered cars and drivers have won 174 grand prix
victories and 13 world driver championships -- a record. In 1996, Ford began
a partnership with Stewart Grand Prix, operated by three-times world champion
Jackie Stewart and his son Paul. Jackie won all his world titles in Ford-
powered cars. The Stewart-Ford Grand Prix team began competing in 1997. So
far this season, it has had a top three "podium" finish (at the San Marino GP
in Italy) and has led its first race (in Brazil).
Ford's chief technical officer and vice-president for research and vehicle
technology, Neil Ressler, who is also a director of Stewart Grand Prix, said:
"Our goal at Ford is to race to win. By buying our own team, and applying the
company's comprehensive technical resources to it, I believe the Stewart-Ford
team 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 to be
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."
Group vice-president of marketing, sales and service, Bob Rewey, said:
"Racing provides a business link, and an emotional link, to consumers
worldwide. F1 racing is the world's largest global TV sport, enabling us to
connect with customers in just about every country in the world."
Said Jackie Stewart: "Ford's increased commitment to Formula One is great
news for the team. To be competitive in Formula One these days, and to win
the great benefits available, a team needs strong financial and technical
support. Ford can offer that."
Ford has no plans to change the team personnel, and Stewart Grand Prix
will continue to be based in Milton Keynes, England. Jackie Stewart will stay
on as chairman and chief executive officer and Paul Stewart will remain as
deputy chairman.
Ford Racing Facts:
* Auto racing has played an important role for Ford Motor Company for
nearly 100 years.
* Today, Ford is more heavily involved in motor sport than any other
manufacturer. It is the only auto manufacturer involved in the "Big Four"
racing championships -- Formula One, NASCAR, CART and World Rally
Championship. This year a Ford Taurus driver leads the NASCAR Winston Cup
series, Ford-powered cars have tasted success in the Champ Car/CART series,
and a Ford Focus has won two rounds of the FIA World Rally Championship,
including the toughest event of all, the Safari Rally in Kenya.
* The deal makes Ford one of only two auto makers which run their own
Formula One teams. The other is Ferrari, owned by Fiat.
* Stewart-Ford driver Rubens Barrichello is currently eighth in the FIA
world driver's championship, and the team is sixth in the constructor's
championship.
* Jackie Stewart won the world driver's championship in 1969, 1971 and
1973. He drove a Matra-Ford in 1969, and a Tyrrell-Ford in 1971 and 1973.
Twenty-five of his 27 F1 victories were won using Ford engines.
* Ford's first Formula One race was the 1967 Dutch Grand Prix. Jim Clark
drove a Ford Cosworth DFV V8-powered Lotus 49. He won.
* The Ford Cosworth DFV engine went on to be the most successful Grand
Prix engine of all time. A development of it went on to be equally successful
in American Indycar racing.
* Ford's most recent world championship victory was in 1994 when Michael
Schumacher won the driver's title in a Ford Zetec-R V8-powered Benetton.