Jordan may quit to seek role with Ecclestone
Discussion
EDDIE JORDAN, the flamboyant chief executive of Jordan Grand Prix, has indicated he is willing to step down from the company he founded, writes Tom McEnaney.
According to sources close to him, he may seek a role in the development of Formula One Management, the firm owned by Bernie Ecclestone.
“If a major manufacturer came in would I stand aside? Yes. But I would have to be assured that the long-term success of the team was guaranteed,” Jordan said last week.
Meanwhile it is understood that the mysterious Irish investors who recently bought Warburg Pincus’ 49.9% stake in Jordan Grand Prix, paid €15.6m for their holding. The roll call of investors include some of the best-known names in Irish business and a few low-profile high-net worth fans of grand prix.
It is understood Dermot Desmond, the well-known financier, took only a token stake, while John Magnier, the stallion breeder, has ponied up €3m.
Denis O’Brien, the telecoms entrepreneur is believed to have invested €2m. Michael Tunney and Tom Quinn, both low-profile property developers, each put about €1m into the project.
Michael Smurfit, the cardboard-box magnate has also taken a small stake. Smurfit was introduced to the consortium by Ray Curran, the former Smurfit Group executive who now chairs Merrion Capital, the Dublin-based firm which brokered the deal. It is understood that a number of other associates of Curran took small stakes.
Jordan, 55, declined to confirm that these are his new partners but said: “The names you have suggested are all people I would have the greatest respect for. These are the face of the new Ireland abroad.”
However, Jordan said some of the new investors remain unknown.
Sources close to Jordan say he is is planning to wind down his interest in the company. It is understood that any purchaser would require him to stay on for at least a limited period. One source said: “Eddie is the rock and roll. Any buyer would be mad not to make sure he stays on in some capacity.”
Those close to Jordan say that he wants to have a role in marketing grand prix but he has denied rumours that he is eyeing the position held by Bernie Ecclestone, the 73-year-old owner and chief executive of Formula One Management.
Asked to comment on this claim Jordan immediately moved to deny that he was looking for Ecclestone’s job. He said: “Am I taking over? Bernie Ecclestone has never suggested it and I don’t know anything about it. Anyway I don’t think any one person could take over.” However, Jordan did say that he had been asked to look at the future direction of grand prix.
Meanwhile, on Friday a British court ordered Jordan to pay £1m to Vodafone to cover the phone company’s costs in the recent legal spat between the companies.
Taken from
www.timesonline.co.uk/newspaper/0,,176-859242,00.html
>>> Edited by oggs on Sunday 19th October 17:37
According to sources close to him, he may seek a role in the development of Formula One Management, the firm owned by Bernie Ecclestone.
“If a major manufacturer came in would I stand aside? Yes. But I would have to be assured that the long-term success of the team was guaranteed,” Jordan said last week.
Meanwhile it is understood that the mysterious Irish investors who recently bought Warburg Pincus’ 49.9% stake in Jordan Grand Prix, paid €15.6m for their holding. The roll call of investors include some of the best-known names in Irish business and a few low-profile high-net worth fans of grand prix.
It is understood Dermot Desmond, the well-known financier, took only a token stake, while John Magnier, the stallion breeder, has ponied up €3m.
Denis O’Brien, the telecoms entrepreneur is believed to have invested €2m. Michael Tunney and Tom Quinn, both low-profile property developers, each put about €1m into the project.
Michael Smurfit, the cardboard-box magnate has also taken a small stake. Smurfit was introduced to the consortium by Ray Curran, the former Smurfit Group executive who now chairs Merrion Capital, the Dublin-based firm which brokered the deal. It is understood that a number of other associates of Curran took small stakes.
Jordan, 55, declined to confirm that these are his new partners but said: “The names you have suggested are all people I would have the greatest respect for. These are the face of the new Ireland abroad.”
However, Jordan said some of the new investors remain unknown.
Sources close to Jordan say he is is planning to wind down his interest in the company. It is understood that any purchaser would require him to stay on for at least a limited period. One source said: “Eddie is the rock and roll. Any buyer would be mad not to make sure he stays on in some capacity.”
Those close to Jordan say that he wants to have a role in marketing grand prix but he has denied rumours that he is eyeing the position held by Bernie Ecclestone, the 73-year-old owner and chief executive of Formula One Management.
Asked to comment on this claim Jordan immediately moved to deny that he was looking for Ecclestone’s job. He said: “Am I taking over? Bernie Ecclestone has never suggested it and I don’t know anything about it. Anyway I don’t think any one person could take over.” However, Jordan did say that he had been asked to look at the future direction of grand prix.
Meanwhile, on Friday a British court ordered Jordan to pay £1m to Vodafone to cover the phone company’s costs in the recent legal spat between the companies.
Taken from
www.timesonline.co.uk/newspaper/0,,176-859242,00.html
>>> Edited by oggs on Sunday 19th October 17:37
Well just read a rumour that possibly supports it 
Roger Penske is heading a group of buyers, which include Tony George and some other American investors, in a bid to buy 51% of Jordan F1 shares and turn it into the US-owned F1 team that some people have been dreaming about.
As Roger already has a piece of Ilmor (who's owned by Mercedes), a deal would be reached for the new team to use their engines. Roger would actually not shed a cent for the whole deal, but would act as a technical director. Supposedly, RP already asked for an auditing on Jordan's debt situation.
Surprisingly, the list of possible drivers is headed by Gil De Ferran, the 2003 Indy500 winner, who drove the last 4 years for Penske, but announced his retirement from racing just before winning the last race of the IRL season. Gil's name was all over the paddock in Suzuka about a move to Jordan next year.
Little F1 trivia: Roger already owned a F1 team back in the 70s (40 races from 74-77), and the best result was a win by Jonhny Watson in 76 at Austria.
Roger Penske is heading a group of buyers, which include Tony George and some other American investors, in a bid to buy 51% of Jordan F1 shares and turn it into the US-owned F1 team that some people have been dreaming about.
As Roger already has a piece of Ilmor (who's owned by Mercedes), a deal would be reached for the new team to use their engines. Roger would actually not shed a cent for the whole deal, but would act as a technical director. Supposedly, RP already asked for an auditing on Jordan's debt situation.
Surprisingly, the list of possible drivers is headed by Gil De Ferran, the 2003 Indy500 winner, who drove the last 4 years for Penske, but announced his retirement from racing just before winning the last race of the IRL season. Gil's name was all over the paddock in Suzuka about a move to Jordan next year.
Little F1 trivia: Roger already owned a F1 team back in the 70s (40 races from 74-77), and the best result was a win by Jonhny Watson in 76 at Austria.
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