Jordan on verge of deal with Arden

UPDATE #3 This rumor is of course 'false' with today's announcement by Eddie Jordan that he has struck a deal with Midland. 12/08/04 The sale of Jordan Grand Prix to Arden team boss Christian Horner by Eddie Jordan are still in a state of flux, according to Autosport sources. Horner is leading a Hong Kong consortium which wants to buy the team for a figure estimated at Â£15 million, but the parties had yet to agree terms. Under the proposal Jordan would no longer be involved in the team. Those close to him say that, while he has accepted he may have to relinquish control of the team he brought to Formula 1 in 1991, but he does not yet believe Horner’s bid to be credible. Time may be running out for Jordan, however, because without a buyer or a new sponsor, the team’s sources of income are limited. One insider said Jordan’s options were now restricted to selling the team, using some of his private capital to keep it afloat or closing it down. Jordan has held talks with F1 supremo Bernie Ecclestone in recent days over the team’s position. Autosport Magazine 11/29/04 Eddie Jordan and his Irish backers are to sell their stakes in the Jordan Grand Prix team for around UKÂ£30m within the next fortnight, a weekend report claims. The buyer will be the UK-based motor racing team Arden International, headed by Christopher Horner, says the Sunday Times. It quotes a financial adviser to Arden as saying that "final negotiations with the Jordan shareholders are taking place and a deal is very close to being signed". Arden, Horner and members of a new management team will hold 50pc of the equity, with the balance held by an unnamed Chinese multinational company. The team will be rebranded under the name of Arden and its Chinese partner. Jordan currently owns 50.1 percent of the team and a consortium of Irish investors hold the rest through Dublin stockbroker Merrion Capital. The Irish investors are thought to include Denis O'Brien, Dermot Desmond, John Magnier and property developer Tom Quinn. The Jordan team made a profit of UKÂ£587,000 last year on a turnover of UKÂ£46.6m, but is expected to make a loss this year. Business World 11/26/04 Eddie Jordan and Christian Horner are believed to be only days away from announcing a deal which will see the team pass into the hands of the owner of the Arden International Formula 3000 team. Eddie Jordan and Horner have been in negotiation for weeks but the whisper in F1 circles is that a deal is now done and the team will soon change its name. It is not clear yet who is bankrolling the deal but Horner has obviously found backing from somewhere. The big question now is who will drive for the team, which ran Nick Heidfeld and Timo Glock at the end of the year, the team having agreed to part with Giorgio Pantano in the latter part of the year. Heidfeld is still on the market although BMW appear to want to see him as a driver at BMW Williams (probably a test driver). Glock is still on the market but will have to contend with the likes of Ryan Briscoe (who may help lessen the load of the Toyota engine deal) and David Coulthard is also still out there, looking for a job. Horner is also known to be very keen to secure the services of Vitantonio Liuzzi, who won the Formula 3000 title this year with Arden. Liuzzi is impressing in his tests at Red Bull Racing, where Tony Purnell is also a big fan. It is worth noting that in recent weeks there has also been some revived interest in Liuzzi from down Williams way although the Italian is keen to get a racing seat in F1 rather than a testing role. Grandprix.com