A number of websites are carrying reports this morning quoting Red Bull CEO Dietrich Mateschitz as saying that his company has bought the Jaguar Racing team. This comes on the back of a report in Saturday's Financial Times in which a "source" was quoted as saying ""We've accepted the offer; exchanged contracts - all we have to do now is hand over the keys."

Mr Mateschitz told Austria's Salzburger Nachrichten: "It is true, we bought Jaguar Racing at the weekend."

A press conference is scheduled to take place in Chelsea, London, this morning at 10:30, at which time the future plans for both Jaguar Racing and Cosworth Racing will be revealed.

Talking to Pitpass this morning, a Jaguar spokesperson said: "It seems like people have jumped the gun. Why would we schedule a press release for 10:30 if details were going to be released earlier?"

It's believed that negotiations are still at a critical stage and it's only hoped that the deal isn't put in jeopardy because someone opted to 'jump the gun'.