Jaguar and McLaren have settled their dispute over top Formula One designer Adrian Newey who will stay with McLaren.
A statement agreed by the two teams today read: "Jaguar Racing and McLaren are pleased to announce an amicable resolution in respect of the future employment of Adrian Newey, who will remain at McLaren".
Jaguar announced on June 1st that Newey would leave McLaren when his contract expired in August 2002. But McLaren said later that day the 42-year-old Briton was staying put until 2005.
Last week, Jaguar, who said Newey had a legally binding contract with them, announced it had secured an injunction at the London High Court preventing McLaren extending Newey's contract and a hearing was held yesterday.
Today’s statement said both teams were very pleased the dispute had been settled "in a professional and courteous manner".
"McLaren acknowledges that Jaguar Racing has acted in good faith throughout," the statement said. "Jaguar Racing now understands the circumstances in which the confusion between McLaren and Adrian Newey arose and has therefore decided to accept McLaren's apologies over this matter."
Newey has been the technical mastermind of a string of world titles. He joined McLaren in 1997 after working with Williams for seven years.
Williams won four drivers' titles and five constructors' crowns with Newey, a top aerodynamicist, in charge. McLaren twice took the drivers' title and once the constructors' under Newey. -Reuters