The end of an Era.

By Phil Giles
January 25 2005

It's the end of an era and perhaps one of the saddest endings ever. Eddie Jordan has thrown in the towel and has decided to allow a takeover of the team by Alex Shnaider and the Midland group.

Eddie Jordan told the official site: "I have devoted 35 years of my life to motor racing and have had some really fantastic times. The last fourteen 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 F1 as I wholeheartedly believe that Midland joining with Jordan will make the team stronger. I spoke to a number of interested parties in recent months and these are absolutely the right people. They are totally committed and as we look to the future, we will see this team return to the competitiveness we have proved we are capable of. The sport and the required resources have changed and this deal provides the team with the security and strength it needs.

We have had some unbelievable drivers come through the team and I feel privileged to have worked with every single one of them. The same goes for every member of staff who has ever worked for me, and I am also grateful for the commitment of our sponsors, engine manufacturers, technical partners, shareholders and loyal suppliers throughout the years.

I would like to single out in particular the team’s current staff who have stayed steadfast through some very testing times and I’m pleased that their future is now strengthened.

In many ways I owe everything I have been able to achieve to my wife Marie and all the family because their unrelenting support has allowed me to pursue my dream. For most of my life I have made a business out of what is effectively my hobby - something I realise very few people are lucky enough to experience.

I’m glad that for the time being we keep the Jordan name and I am also delighted to confirm that I will remain involved with the team and will be working with Jordan in a variety of commercial and sponsorship capacities as we move forward."

Alex Shnaider, Co-Founder and Chairman of the Board, Midland Group : “I am very pleased with this development, as it will immediately provide us with a full season of hands-on learning experience. We have no illusions regarding the technical demands of Formula 1 -- undoubtedly the most stringent in motorsport -- so merging with a proven team accelerates our ability to be competitive as quickly as possible. Our initial plans to create a team from the ground up will be adjusted to reflect this positive transaction, and the establishment of Midland F1 will continue according to schedule.”

Part of the deal is that the name Jordan remains the teams title for the 2005 Season, however this will change at the end of the season when Midland F1 take over in full.