Three possibilities for Dubai F1 team

UPDATE#3 The long-awaited Dubai F1 team, a launch delayed since last November, does not mean the project has folded, according to McLaren. The team announced last October it would back Team Dubai’s plan to enter F1 in 2006, running year-old McLaren chassis with Mercedes engines and operating out of McLaren’s old Woking factory. A spokesman said this week: “We can confirm that Mercedes-Benz and McLaren are in exclusive negotiations with Team Dubai F1 for the supply of engines and technical assistance for their program." Autosport Magazine 08/23/04 The sale of Jordan to Dubai's royal 'Al Maktoum' family has failed to materialize, F1 media reports on Tuesday revealed. A statement in July said 'Grand Prix Investments' – started by Jenson Button's manager John Byfield – may become Dubai's team. The sum of 70 million Euros was mooted and former owner Eddie Jordan would have remained as manager for a couple of seasons. EJ admitted last month that talks were taking place. But the new report said Byfield's talks have now ceased. A spokeswoman for Silverstone-based Jordan said she would make no comment on the team's behalf until there's 'something to report.' No doubt Jordan would welcome a cash injection considering plans to enlarge the factory and build a new wind tunnel are approved. 08/11/04 According to this AutoWeek article, Dubai royal family member Sheikh Ahmed bin Saeed Al Maktoum is close to buying a controlling stake in Jordan Grand Prix. His company, Grand Prix International, is negotiating to buy out Merrion Capital, a consortium of Irish investors that acquired 49.9 percent of the stock in Jordan last year from Warburg Pincus, the venture capital firm. Team namesake Eddie Jordan is also ready to sell most of the remaining stock to GPI, but will retain a minority holding and stay on with the company as a consultant for at least two years. The deals, which include the team’s factory at Silverstone, have been reported to be worth £40 million (about $73.6 million), though Jordan declared a profit of £587,000 ($1.08 million) in 2003. Sheikh Ahmed bin Saeed Al Maktoum is an uncle of the ruler of Dubai and the chairman of the Emirates airline. 07/21/04 This week's Autosport Magazine reports that the Dubai investors linked with a buy-out of the Jordan team are expected to reveal their plans within the next few weeks. A source close to the negotiations said the investors were edging towards a completion of their business assessment of the teams involved – believed to be Jaguar and Minardi as well as Jordan – and were pressing ahead with their plans. “In the next couple of weeks we will have a clear idea of what we plan to do," said the source. If the deal is completed with Jordan, it is expected the team will become Emirates Jordan in 2005.

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