DECEMBER 17, 2004
Jordan banking on Chinese bidder
Eddie Jordan has ended his talks with Arden International over the possible sale of Jordan Grand Prix. It appears that Jordan believes that there is a better bid from an unknown Chinese buyer. This might be the oil company Sinopec, which seems to want to get more coverage out of F1. The Midland F1 organisation did take a look at the team but appears to have only been interested in some of the assets. Christian Horner of Arden is now expected to concentrate on his GP2 programme and to wait and see if another opportunity comes along.
The big question now is whether or not Jordan's Chinese bidder is serious or whether that deal will fall out of bed - and what happens if that comes to pass. Jordan has entered the 2005 Formula 1 World Championship and if there is no buyer the team will have to close down unless Jordan finds a sponsor or puts his own money into the team. In the interim Jordan has to keep the team going and has yet to name any drivers or major sponsors for next season. He will have to start paying Toyota for its engines as well as meeting salaries and other monthly costs. The pressure is therefore on for a deal.
There are some who think that Jordan may be holding on in the belief that there might be a new deal between the teams and F1 commercial boss Bernie Ecclestone which will provide the team with a lump sum of money which would enable him to keep the team going under his control. That however is not very likely at the moment because cancelling the current Concorde Agreement would need the agreement of all the teams and the FIA and there is no reason to suggest that would happen in a short space of time.
|Print News Story|