Jordan Boosted by New Investors

Eddie Jordan believes the new consortium of investors that bought into his Formula One team this week will give him new vigour and help strengthen the team's structure in an effort to rise back up the grid.

Jordan Boosted by New Investors

Eddie Jordan believes the new consortium of investors that bought into his Formula One team this week will give him new vigour and help strengthen the team's structure in an effort to rise back up the grid.

Jordan said he does not know the identity or number of people involved in the mystery consortium that has been collected together by Merrion Capital Investors, but said that it was "unlikely" to include people involved in motor racing.

But he is confident that their interest in the sport, and in the team, will reap rewards in the future and said he hopes it will put an end to rumours that Jordan Grand Prix is on its last legs.

"It gives me great satisfaction that there is this belief in Jordan coming at a time when people thought we were near death's door, so to speak," said Jordan. "This is a great vote of confidence to the team. I think the Irish people are very proud.

"It is a very small country and I think in one respect, 15 years ago, even thinking that there would be an Irish Grand Prix team in Formula One winning races would be unheard of. Now that it has happened they don't want to see it falter at any stage. Who knows what will happen in the future but for now I couldn't be more excited about it."

The investment firm, Merrion, is headed up by one of Jordan's old friends, John Conroy, whose relationship with the Grand Prix team owner developed while working for NCB, the National City Brokers.

"I am not going to name the members of the consortium because that would not be right for Merrion and it is not right for the individuals concerned," Jordan added. "Merrion Capital will represent this consortium and they were the ones that will have direct communication with us. I don't know how many is in the consortium so it is none of my concern. It is one voice.

"Suffice to say that there is a number of people who still firmly believe in Jordan and want to see the future guaranteed and make sure the viability of Jordan is the best for the next number of years. It puts us on a very stable platform. It shows that there are enough people with hopefully enough financial muscle and credibility who believe that Jordan is a very strong concern going forward."

The consortium acquired the 49.9 percent share of the team that was previously owned by Warburg Pincus, a venture capital company, and Jordan said he "had not really anything to do with it."

He insisted it will only make his position stronger because the new impetus and positive thinking from the investors contrasts to the strained relationship with Warburg Pincus.

Jordan added: "Jordan was on the verge of being a very great team at one stage and it has fallen back. This is, if you like, a message to me to say 'Hey Eddie, we are behind you. Let's get on and try and get up there again'. They are already taking an active role in terms of leads and understanding but in terms of just fronting up with cash, I am not sure that's what will happen and I am not sure that is what I want to happen."

Former BAR boss Craig Pollock had been linked with the team but Jordan said that he had "had no correspondence and no direct dealing with Craig whatsoever" and said he did "not recall any dialogue regarding anything to do with this kind of thing".

But he revealed he had visited the United States to discuss the investment, spending time in New York before the last race at Indianapolis, and Pollock could still be involved. If so, he could switch his Formula One involvement from BAR-Honda, where he currently owns a percentage, and use Jordan as a way back into Formula One for Jacques Villeneuve, whose career he manages.

"Before Indianapolis I had a lot of discussions so once the New York side of things was seen to I came back and went to Dublin and finalised it," said Jordan. "It has been rather frantic and furious."

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