Jordan receives investment boost

An Irish consortium has purchased a 49.9 percent shareholding in Jordan Grand Prix, which has stabilised the future of the Silverstone-based team after a rollercoaster Formula 1 season

Jordan receives investment boost

Following its shock race victory in the Brazilian Grand Prix, Jordan then suffered a massive blow when it lost a major damages claim against Vodafone in the High Court in a highly public fashion.

Now, a consortium assembled by Merrion Capital, Ireland's leading independent stockbroking and corporate finance company, has purchased the shareholding of private equity and venture capital firm Warburg Pincus.

"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," said team principal Eddie Jordan. "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 1."

John Conroy 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."

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