Formula 1
Jordan sale rumours resurface
Rumours that negotiations are ongoing between Eddie Jordan and Roman Abramovich have surfaced again, with speculation suggesting the Russian billionaire is offering in the region of $250 million for the team. While this may be small change to the ...
Edited: Jan 7, 2004, 1:11 AM
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Rumours that negotiations are ongoing between Eddie Jordan and Roman Abramovich have surfaced again, with speculation suggesting the Russian billionaire is offering in the region of $250 million for the team. While this may be small change to the ludicrously wealthy owner of UK's Chelsea Football Club, it's certainly substantially more than Jordan is worth currently as a team.
Eddie Jordan has reportedly said in the past that he would consider selling the team if it was the only way to keep it going and if any prospective buyer would keep him on as team principal. Abramovich is keen to break into F1, being previously linked with Jordan in 2003 as well as Minardi, and such a high offer may break down Jordan's last defenses of selling.
If, and it's always a big if in F1, the situation is as reported, it could explain why Jordan has yet to announce a driver line up or major sponsors for this season. Jordan commented recently that finding sponsors was his most important aim, which underlines the financial problems he is facing.
Abramovich is worth an estimated $6 billion from oil deals and businesses he acquired in the privatization of Russian state-owned projects in the 1990s. He supposedly spent somewhere in the region of $350 million on the buying, paying off of debts and acquiring of new players for Chelsea. A source was quoted in the British press as saying Abramovich would be willing to spend any amount to buy an F1 team and get the best equipment and drivers.
Jordan has not been willing to shed any light on what may or may not be happening, although no deal has been confirmed. A spokesperson for the team said Jordan and Abramovich had met but only at sporting events and made no comment on business discussions save for: "Eddie's interest is in the security of the team and making it as competitive as possible."
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