According to the Financial Times, the Jaguars will be sporting wings by Monday, Red Bull wings.

The highly respected British newspaper quotes a team 'insider' as saying: "We've accepted the offer; exchanged contracts - all we have to do now is hand over the keys."

If true, the deal will allow the team to register its entry in the 2005 World Championship on Monday, thereby meeting the deadline. Furthermore it will guarantee the future of the team's 300 employees, and - following the news that both Minardi and Jordan will race next season - guarantee ten teams on the grid next season.

Officially however, nothing has been announced by any of the parties involved.

It's thought that the Austrian drinks company, under the guidance of founder Dietrich Mateschitz, will purchase the team for a nominal sum, having proved to Ford that it has a sound business plan, adequate financial resources and every intention of taking the team (and its employees) forward, rather than simply asset stripping.

As previously reported on Pitpass, though again, not officially confirmed, it's thought that a separate deal has been done which will see Champ Car supremo Kevin Kalkhoven purchase Cosworth Racing.

We have our fingers crossed in the hope that both deals will be successful for all those involved.