Jordan sponsors to quit

Jordan have been dealt a major financial blow after main sponsors Deutsche Post World Net today announced their intention to pull out of Formula One at the end of next month.

The deal was worth in the region of £15m (€23.5m) a year to the Irish team, who now hope to name a new backer in the new year.

Team boss Eddie Jordan said: “Deutsche Post World Net, along with its brands such as DHL and Danzas, has been a superb sponsor and extremely important in the development of Jordan in recent seasons.

“So while we are naturally disappointed by the decision to end its involvement in Formula One, I would like to thank them for their support.

“We have known about Deutsche Post World Net’s decision on a strictly confidential basis for some time – and therefore, as you would expect, we are in negotiations with new sponsors.

“We have a strong track record commercially – and although this past season was not among our most competitive the fact that we finished in the top six for a ninth consecutive season shows that even in difficult times we have acquitted ourselves well.

“Given our optimism about the new relationship with Ford of Europe and Cosworth Racing, and looking at the design of next year’s car, we have every reason to look forward to new goals and a new era for the team.”

The team will launch their new Ford Cosworth RS-powered Jordan EJ13 car early next year, by which time they hope to have a new sponsor on board.