Troubled Jaguar are still "nowhere near" deciding their Formula One future, according to the team's managing director David Pitchforth.

Ford announced last month that they would pull out of Formula One at the end of the 2004 season and put their Jaguar team up for sale.

Earlier Reports  Jaguar lets Webber test for Williams Webber optimistic about Jaguar's future Jaguar to bow out with a limp, not a leap Jaguar to pull out of Formula One

Austrian Red Bull drinks magnate Dietrich Mateschitz, already a Jaguar sponsor, has emerged as a potential bidder. Pitchforth quashed reports Jaguar were already "99 percent sold" and that Red Bull were the buyers, however.

"We're nowhere near 99 percent sold," he said.

Jaguar are in a race against time to be on the starting grid in 2005.

They must find a buyer by mid-November while Jordan and Minardi, who are supplied by Ford-owned Cosworth, now need to find new engines.

"Time is of the essence but there's no decision, really," said Pitchforth, though he confirmed Jaguar were in discussions with Red Bull among other potential purchasers.

Jaguar already employ Austrian driver Christian Klien, who joined the team after bringing significant funding from Red Bull.

"There's a process to go through that involves banks and lawyers and all that's happening as quickly as we can get it.

"Absolutely, we already have a relationship with Red Bull and it's nice. There's a lot of good stuff going on but it's not over until it's over."

They have until November 15 when entries for 2005 must be submitted to the governing International Automobile Federation (FIA).