23/08/2004
NEWS STORY
An article in the latest edition of Business F1, confirms what pitpass has been saying for some time, namely that the Al Maktoum family is not buying the Jordan F1 team, nor has it ever had any intention of doing so.
The article confirms that two years ago, John Byfield, who is also Jenson Button's manager, set up a company called Grand Prix Investments (GPI), with his business partner Russell King.
According to Business F1, the company was set up "with the specific intention of selling the Jordan team in the Middle East".
The basic idea was that GPI was looking for an interested party that would buy Jordan for a proposed £45m ($80m). GPI would retain around £2.75m ($5m), 'invest' around £20m ($37m) in the team and pay over the remainder to Eddie Jordan.
Despite a number of 'leaks' to the media and an impressive, but misleading, press release, the Al Maktoum family has never shown an interest in purchasing Jordan, but had merely given its approval for Byfield to relocate the team to Dubai.
Eddie Jordan is understood to be mystified as to where the rumours have been coming from, claiming that he has not spoken to John Byfield for "many months". Meanwhile it is understood that the Al Maktoum family has had "no dealings at all with Eddie Jordan".
Business F1 describes Byfield as "staring defeat in the face", claiming that his "Dubai dream is in ruins".