Midland to take over Jordan team 24 Jan 2005
The Midland Group have signed a contract with Jordan, agreeing the future takeover of the team. Under the terms of the contract the Silverstone-based squad will continue to be known as Jordan Grand Prix Ltd for the 2005 season, with further details to be announced.
Alex Shnaider, co-Founder and chairman of the Midland Group, said of the agreement: I am very pleased with this development as it will give us a season of learning, and after the take-over has been completed, the chance to be competitive faster at the pinnacle of motorsport. 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.
Team boss Eddie Jordan commented: I have devoted 35 years of my life to motor racing and have had some really fantastic times. The last 14 years when I have been lucky enough to be involved in Formula One have been a highlight, naturally, and 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.
I have to thank Bernie Ecclestone for making the introduction to Alex Shnaider of Midland as I wholeheartedly believe that Midland joining with Jordan will make the team stronger. As we look to the future, we will see this team return to the competitiveness we have proved we are capable of.
Im also delighted to confirm that I will remain involved with the team throughout the 2005 season and will be working with Jordan in a variety of capacities as we move forward.
The Midland Group, founded in 1994, is active in a wide variety of industries including commodities trading, steel manufacturing, transportation, construction and agriculture. They announced their plans to form a Formula One team back in October 2004, with the aim of joining the grid in time for the 2006 season.
Jordan, who finished ninth in the 2004 constructors' championship, will use Toyota engines this season. They have yet to announce their driver line-up or a launch date for their new car.