Red Bull Racing is a Formula 1 team owned by the homonymous Austrian beverage company. Red Bull was already involved in sponsoring motor sports when it bought Jaguar Racing for 1 symbolic dollar in 2004. In the next year, the team debuted in the Australian Grand Prix with its new name. The company also owns Toro Rosso that runs in the F1 Championship as well. Although based in the United Kingdom, Red Bull Racing has an Austrian license.