Jordan buy-out confirmed

Although negotiations continued all last week, sources close to the talks claim terms were only finally reached in the early hours of Saturday morning. Although details of the agreement remain undisclosed, the statement confirmed the team will be entered under the name of Jordan Grand Prix Ltd for the 2005 Formula 1 World Championship and that the cars will be called Jordan-Toyotas.

"I am very pleased with this development as it will give us a season of learning, and after the take-over has been completed, the chance to be competitive faster at the pinnacle of motorsport," said Shnaider, who indicated that his plans to introduce Dallara chassis remain undiminished. "Our plan to build up a team from scratch has only been altered insignificantly as the establishment of the Midland F1 Team will continue according to schedule."

Shnaider's decision to buy into Jordan is believed to have been fuelled in part because of the complex financial arrangements of F1. Had he decided to set-up his own team from scratch for the start of 2006 he would have had to have paid a US$48 million entry deposit and would not have been eligible for any television income or travel money until 2008 at the earliest.

Jordan confirmed that he will continue to play a significant role in the team, and it is expected that he will take on the role of commercial director, while Shnaider will become team principal. "I will remain involved with the team throughout the 2005 season and will be working with Jordan in a variety of capacities as we move forward," he said.

"I have devoted 35 years of my life to motor racing and have had some really fantastic times. The last fourteen years when I have been lucky enough to be involved in Formula 1 have been a highlight, naturally, and winning our first grand prix in 1998, which broke the grip that the top teams of the time had on the sport, is for me a personal triumph.

"I have to thank Bernie Ecclestone for making the introduction to Alex Shnaider of Midland as I wholeheartedly believe that Midland joining with Jordan will make the team stronger. As we look to the future, we will see this team return to the competitiveness we have proved we are capable of."