Ford announced at the Frankfurt motor show on Tuesday that the Stewart team founded by three-time world champion Jackie Stewart would be rebranded as Jaguar Racing.

Ford's luxury marque, one of the most famous names in sports-car racing, will make its Formula One debut at the Australian Grand Prix in Melbourne in March. Ford bought the Stewart team in June.

Irvine, who has been the No. 2 driver at Ferrari since 1996, said he had signed a three-year deal. His replacement at Ferrari is Brazilian Rubens Barrichello, currently with Stewart-Ford.

"I'm overjoyed. I've been waiting for this opportunity for the past two years," Irvine said in a statement. He currently is tied for the lead the standings with McLaren's reigning champion, Mika Hakkinen of Finland.

Irvine, 33, will be partnered with veteran Johnny Herbert, retained from Stewart-Ford, in an all-British lineup that will race in the traditional British Racing Green colors.

"I think Eddie Irvine has come of age. He has matured during the 1999 season and has driven some exceptional races. Eddie is very adept at setting up a car," said Jackie Stewart, who remains as team chairman and chief executive.

Stewart's son Paul, chief operating officer at Stewart-Ford, remains in that role at Jaguar.

Ford has been trying to increase the profile of its luxury division, with aggressive sales and marketing drives planned for Germany and Japan.

"The move into Formula One will undoubtedly benefit Jaguar technologically," said Neil Ressler, Ford's chief technical officer.

"It will clearly promote a wider global recognition of the Jaguar brand as we significantly expand our product range over the next few years," Ressler said.

Ford is keen to challenge the dominance of Mercedes-Benz and BMW in the premium car market. Both marques -- Mercedes with the McLaren team and BMW as engine-provider to Williams -- will be competing in Formula One next season.

Other carmakers in Formula One are Fiat-owned Ferrari and Honda, which has joined up with BAR for 2000. Toyota is expected to join in 2001.

"Jaguar has a long and distinguished history in motor sport, including seven Le Mans victories and two World Sportscar Championship triumphs," Wolfgang Reitzle, Ford Premier Automotive Group chief, said in a statement.

Ford has been involved in Formula One since 1967 and has won more races (174) and more championships (13) than any other engine-maker.

Ressler said Jaguar's technical input to the F1 program would start immediately.

"The Coventry-based engineering teams can certainly contribute to the racing program and I also believe that Jaguar's production car engineers can learn a great deal from the racing team.

"I regard the technology transfer as one of the biggest single benefits of Jaguar's decision to enter Formula One."

Jaguar's five Le Mans victories in the 1950s -- a time when that race ranked alongside Formula One in prestige -- were with the C- and D-types. They also won there with sportscars in 1988 and 1990.

Jackie Stewart has a long connection with Jaguar, driving an E-type sports car for them in the early 1960s before his Formula One career took off.

His older brother Jimmy also drove for them while their father had a Jaguar dealership in Scotland.