Irish investors buy into F1 team
The consortium of private individuals bought the stake in the Irish team held by American investment bank Warburg Pincus.
Warburg bought into Jordan five years ago, paying close to €60 million for the minority stake.
No financial details of yesterday’s deal were released, but one market source suggested the price paid might be lower than that paid by Warburg given the recent financial performance of the team.
Jordan made a loss in 2001, hit by the slump in advertising and sponsorship affecting Formula One.
Poor viewing figures in the past couple of years have also hit grand prix teams and several have folded in the past couple of years.
The names of the investors was not disclosed. The remaining shares in the team are held by its founder Eddie Jordan.
He is close to several well-known wealthy Irish businessmen and is a shareholder in Celtic football club along with Dermot Desmond, Denis O’Brien and Pierce Flynn, the former chief executive of telecoms firm Damovo, which is a sponsor of the team.
The Northhampton-based team remains one of a dwindling number of independents in Formula One and the downturn has hit it hard. Last year it was forced to lay off dozens of workers as its finances took a hit.
In a statement yesterday the investors said they looked forward to providing support and fresh impetus to Jordan Grand Prix in building on the achievements of team principal Mr Jordan.
The investors said they were attracted by Jordan’s proven ability to win races and “by the vibrant, can-do culture of the Jordan brand and Eddie Jordan”.
Mr Jordan said the new investors provided a stable platform to propel the team to even greater achievements and was proud to “wave the Irish flag in Formula One”.
Jordan are currently ninth in the 10-team world championship constructors race with just 13 points, 10 of which came from the team’s win in the Brazilian Grand Prix in April.
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