UK:US millionaires return for Ford's last F1 unit
US millionaires return for Ford's last F1 unit
By James Mackintosh
Financial Times (London)
Ford Motor has completed its retreat from Formula One racing by selling its Cambridge-based car electronics business to two American millionaires.
Kevin Kalkhoven and Gerry Forsythe, co-owners of the US Champ Car racing series, are thought to have paid close to $10m for Pi Group, which develops software and electronics for racing as well as for cars and heavy trucks. Pi employs 320 people in Cambridgeshire and US operations in Indianapolis, Detroit and Charlotte, North Carolina.
The sale ends Ford's expensive four-year flirtation with Formula One, which its British-based Jaguar Racing team never won. The heavily lossmaking team was sold for what is thought to be less than $1m last month to Red Bull, the Austrian energy drinks group, far less than Ford spent building it up. The carmaker took a provision of $300m in its third-quarter results to write down the assets of the racing team before it was sold.
The Cosworth Racing engine division was sold to Mr Kalkhoven and Mr Forsythe last month.
“This was a logical step for us following our recent acquisition of Cosworth,” said Mr Kalkhoven in a statement. “Electronics are increasingly important in motorsport and in the automotive industry.”
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....