Jordan Confirm Midland Takeover

The Jordan Grand Prix team have today confirmed the signing of a contract concerning a future take over of Jordan Grand Prix Limited by the Midland Group, as revealed by Autosport.com.

The team will, however, compete in the 2005 Championship under the name Jordan Grand Prix and the cars will be known as Jordan-Toyota EJ15s. Jordan said further details will be announced by the Midland Group, owned by Russian-born businessman Alex Shnaider, in due course.

Team founder Eddie Jordan said he will still be involved with the team "in a variety of commercial and sponsorship capacities."

Shnaider, a 36-year-old naturalised Canadian citizen based in Toronto who grew up in Israel, has made a fortune through the privately-owned Midland Group which has extensive interests across Russia, the former Soviet Union and Eastern Europe.

Taking over Jordan relieves Shnaider of the obligation to pay a mandatory $48 million bond to enter the sport as a new team while also conferring immediate rights to television income.

"I have devoted 35 years of my life to motor racing and have had some really fantastic times," said Eddie Jordan.

"The last fourteen years when I have been lucky enough to be involved in Formula One 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 F1 as I wholeheartedly believe that 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. We have had some unbelievable drivers come through the team and I feel privileged to have worked with every single one of them.

"The same goes for every member of staff who has ever worked for me, and I am also grateful for the commitment of our sponsors, engine manufacturers, technical partners, shareholders and loyal suppliers throughout the years.

"I would like to single out in particular the team's current staff who have stayed steadfast through some very testing times and I'm pleased that their future is now strengthened."

Jordan has been one of Formula One's most colourful characters since his team's debut in 1991. He gave seven-times World Champion Michael Schumacher his Grand Prix debut that same year.

The team soared to third place in the 1999 World Championship. However, they were in danger of going under last year until Toyota stepped in with an offer to provide affordable engines in 2005 after Ford pulled out of the sport.