Irish Investors Buy Jordan Stake

A consortium of investors has purchased a 49.9 percent stake in the Jordan Grand Prix team after being assembled by Irish company Merrion Capital Investors.

Merrion Capital group confirmed that the takeover has taken place, with the consortium purchasing the existing shareholding of Warburg Pincus.

John Conroy, chief executive of Merrion Capital, said: "The new investors are attracted by Jordan's proven ability to win races in this most competitive of sports and by the vibrant, can-do culture of the Jordan brand and Eddie Jordan."

Team principal Eddie Jordan added: "I would firstly like to thank Warburg Pincus for their support over the past five years, during which time we won four races and finished third in the championship.

"Looking ahead, I very much welcome my new partners in Merrion to Jordan Grand Prix and I am very excited to have a stable platform to propel the team to even greater achievements and to proudly wave the Irish flag in Formula One."

Eddie Jordan sold 40 percent of the team to investment company Warburg Pincus in 1999, when Jordan were in the top three in the World Championship. The owner of the Silverstone-based team suggested last month that Warburg were keen to sell off their stake.

A spokesman for Merrion declined to be drawn on how much was paid for the stake but the shareholding changed hands in 1998 for around 40 million pounds ($67.04 million).