14/01/2005
NEWS STORY
In recent times there have been a number of supposed buy-outs of Eddie Jordan's Formula One team, but all appear to have come to nought.
Russell King and John Byfield, the duo believed to be behind Team Dubai F1 - which exists only in the form of a press release - were said to be close to buying the Irish outfit, while interest has also been shown in the form of Christian Horner of Arden International and even Midland F1.
Now that the 'tyre kicking' is over, EJ appreciates that he has to help prepare his team for another long, hard season, and with that in mind has revealed that he is prepared to take a back seat, in order to strengthen the team commercially.
"We are going forward strongly and it is business as usual," the Irishman told The Guardian. "The 2005 programme with us switching to Toyota engines is going ahead and we are not changing any people on the payroll. But my role may change to concentrate more on the commercial side to work on future investment in the team.
"We could obviously be stronger," he added, "and I would be happy to bring aboard new partners even if it meant diluting my own equity stake in the company, if it meant we could get back to the situation where there was a possibility of winning races."
Jordan previously sold a 49.9% stake in his team to investment bankers Warburg Pincus, in a deal thought to be worth £21m ($40m). This was subsequently sold on to Irish investment company, Merrion Capital.