Jordan signs Concorde Agreement

Just a couple of days after Red Bull became the second team to sign up for the new Concorde Agreement, Jordan announced on July 20th that it has also signed an extension of the Agreement from 2008 to 2012. With Ferrari already on board, there now remain seven teams to make their minds up.

"Midland F1, owner of Jordan Grand Prix, today confirmed that it has signed to compete in the 2008 to 2012 Formula One World Championship regulated by a revised Concorde Agreement," it said in a statement.

"Bernie Ecclestone was instrumental in bringing Midland to Formula One and from the very beginning Alex Shnaider was supportive of his vision for the future of Formula One and the World Championship," said managing director Colin Kolles. "We are happy and proud to be in at the beginning of this process which will shape Formula One's long term future."

Red Bull and Jordan choosing to part company with the so-called 'rebel' teams and cast their lot with Ferrari in signing the Agreement is not a big surprise. Many have been expecting this to happen as both teams have never really been 100% committed to the Group of Nine. Their stance has mostly been one of 'considering their options'.

The majority of the teams who have not yet signed are Michelin runners -- Red Bull, which will be Ferrari-powered in 2006, uses Michelins this season but is rumoured to be switching to Bridgestone next year. Now Jordan has signed up the one current Bridgestone team not to side with the new Agreement is Minardi.