Austrian energy drink firm Red Bull said on Monday it had bought the Jaguar Formula One team from Ford.

"We are really looking forward to our first Formula One season with Jaguar," a statement from Red Bull's billionaire owner Dietrich Mateschitz said.

"This step is a provisional summit of our 10-year involvement in motor sport." He said the team would use Cosworth engines in 2005. No other details were available.

Monday is the deadline for teams to enter the 2005 Formula One championship. Ford sent shockwaves through the sport when it announced in September it would put Jaguar and its Cosworth engine maker up for sale.

Jaguar entered Formula One in 2000 after Ford took over the Stewart team founded by three times world champion Jackie Stewart.

They are yet to win a Grand Prix and finished the 2004 season in seventh place in the constructors' championship with just 10 points.

Ford said it was withdrawing from Formula One because it could not make a "compelling business case" for any of its brands to compete in Formula One.