Full Throttle

Eddie Jordan, a Dublin bank clerk who achieved his dream of owning his own Formula 1 team, has finally had to close his account by selling out to a Canadian steel tycoon. Jordan, who discovered seven-times world champion Michael Schumacher, has always struggled to match the corporate spending power of the big teams.

He broke into Formula 1 in 1991 and gave Schumacher his first race before starting to take on the might of Ferrari, Williams and McLaren. In 1998 he took the first of four Grand Prix victories with Damon Hill. A year later, Heinz-Harald Frentzen was in sight of becoming an unlikely world champion.

But he was unable to sustain the challenge and Giancarlo Fischer’s victory in a rainswept Brazilian Grand Prix in 2003 was Jordan’s last stroke of luck. Not enough money. In the end there was not enough sponsors’ money to compete with the richest Formula 1 teams whose expensive engines were supplied exclusively by the major car makers.

Jordan, who finished ninth out of the 10 Formula 1 teams in 2004, were facing collapse when Ford, who supplied the team’s Cosworth engines, announced in September they were withdrawing from the sport. They were only able to keep going into 2005 by Toyota’s offer to provide engines.

“I have devoted 35 years of my life to motor racing and have had some really fantastic times,” Jordan said. “The last 14 years when I have been lucky enough to be involved in Formula 1 have been a highlight. 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.”

He was determined to find a buyer who would keep the Jordan team intact and that man is Alex Shnaider, a 36-year-old Russian-born Canadian based in Toronto who grew up in Israel and has huge financial interests in Russian steel and manufacturing.

Last October Shnaider’s Midland group said they would join the Grand Prix grid in 2006 with a car built by Italian manufacturer Dallara. But by taking over Jordan, Shnaider does not have to pay the $48-million entry bond to enter Formula 1 as a new team. It also guarantees a share of television income and improved pay-outs promised by commercial rights holder Bernie Ecclestone.

The team will compete in the 2005 Grand Prix season as Jordan Grand Prix and the cars will be known as Jordan Toyota EJ15s.

“I spoke to a number of interested parties in recent months and these are absolutely the right people.” - Eddie Jordan

“I spoke to a number of interested parties in recent months and these are absolutely the right people,” Jordan said of the Midland deal. “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. “Im glad that for the time being we keep the Jordan name and I am also delighted to confirm that I will remain involved with the team and will be working with Jordan in a variety of commercial and sponsorship capacities as we move forward.”

Shnaider said Jordan gave him a season to get to know the Formula 1 world.

“I am very pleased with this development as it will give us a season of learning, and after the takeover has been completed, the chance to be competitive faster at the pinnacle of motorsport,” Shnaider said in a statement. “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.”

Source: iafrica.com.