Jordan saved by Midlands buy-in

The future of Jordan was today secured after the Midland Group bought a significant stake in the team.

Jordan have struggled financially in recent seasons, and there had been fears that they might not even make the grid for the first grand prix of 2005 in Australia on March 6.

But Midland have shelved plans to launch their own team and bought into Jordan, securing the long-term future of the Silverstone-based squad.

As part of the deal, charismatic team boss Eddie Jordan will stand down - although the Irishman will remain involved in a commercial capacity.

Midland’s buy-in of Jordan had been expected for the past two weeks as worries over the team’s short-term future increased.

Eddie Jordan today hailed the deal as a major step towards returning his team to the heights of 1999 when Heinz-Harald Frentzen challenged for the world championship.

He said: “I have to thank Bernie Ecclestone for making the introduction to Alex Shnaider of Midland F1, because I wholeheartedly believe Midland joining with Jordan will make the team stronger.

“I spoke to a number of interested parties in recent months, and these are absolutely the right people.

“They are totally committed, and as we look to the future we will see this team return to the competitiveness we have proved we are capable of.

“The sport and the required resources have changed, and this deal provides the team with the security and strength it needs.”

Jordan had been actively trying to find a buyer for some months, with first a consortium from Dubai and then new Red Bull Racing chief Christian Horner linked to the Silverstone-based outfit.

But today he finally sealed a deal with Midland, whose ambitions to form their own team from scratch have now ended.

No details of the exact nature of Midland's buy-in are immediately available, although recent speculation suggested Shnaider would acquire only a minority stake initially before a full takeover at the end of the season.

For the time being, the team will remain under the Jordan banner – although that is expected to change to feature the Midland brand at some point.

Jordan, who began life as a team owner following a moderately successful driving career, graduated to Formula One in 1990 – when he gave Michael Schumacher his grand prix debut in Belgium.

Under his stewardship, Jordan won four grands prix from 231 races – the last of which came when Giancarlo Fisichella scored a fluke victory in Brazil two years ago.

Jordan added: “I’m glad that for the time being we keep the Jordan name and I am also delighted to confirm that I will remain involved with the team and will be working with Jordan in a variety of commercial and sponsorship capacities as we move forward.”