Chelsea’s Abramovich denies interest in troubled Jordan

THE Russian billionaire who owns Chelsea football club has denied he is taking over the Jordan Grand Prix team.

Roman Abramovich, who was linked at the weekend with a takeover of Eddie Jordan’s Irish grand prix team, said there is no truth in the story that he wants to buy the 51% of the team held by Mr Jordan.

“At the moment Roman is being linked with bids to buy anything from a shopping centre to another football team,” his spokesman John Mann said.

“When anything is up for sale his name is connected with it and it gets a little nasty. Roman enjoys F1 and has met Eddie several times but that’s it.

“Roman has also met with [Formula One head] Bernie Ecclestone but that doesn’t mean he is going to buy his house. We just want to lay these rumours to rest,” the spokesman added.

Mr Abramovich’s takeover has dramatically changed the fortunes of Chelsea and he spent 200 million of his 4 billion fortune on the club and new players.

Last year a group of Irish investors organised by Merrion Capital bought out the 49% stake held in Jordan by the investment bank Warburg Pincus for an estimated €20 million.

But the Jordan team has suffered badly on and off the track for the past couple of years. It finished second-last last season and a legal battle against mobile phone giant Vodafone taken by Jordan ended with the team incurring costs of around €2 million.

In 2002 the team made a number of staff redundant as it recorded a loss for the financial year. It has also been hit with the withdrawal of several key sponsors, including Deutsche Post.

The team also has to find two drivers for this season.

Additional reporting by Reuters