17/01/2005
NEWS STORY
Although the Jordan team is not officially saying anything regarding the rumoured buy-out by Russian émigré Alex Shnaider, team 'owner' Eddie Jordan has said that no deal has been done, yet.
"No deal has been finalised," he told The Guardian. "We are still talking to a couple of people. I have sold nothing. I own the team."
It's believed that the proposed deal would see Shnaider purchase 49.9% of the team from Merrion Capital, an Irish investment company.
If the deal is concluded, this would mean that Shnaider would not have to lodge a multi-million pound bond with the FIA. Furthermore, he would immediately have full voting rights with regards the Concorde Agreement in addition to receiving a share of the TV revenue. It is for this reason that so many people thought it was a ludicrous move not to attempt to buy an existing team.
It's thought that if the deal does go ahead, Jordan would be retained in a commercial role, with Trevor Carlin taking over as team principal.