EJ STAYS IN CHARGE

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from itv-f1.com:

EJ STAYS IN CHARGE

Last Updated: Tuesday, 13, July, 2004, 12:58

Eddie Jordan will remain in control of his team despite strong rumours that he is selling a stake to the ruling family of Dubai.

A deal is believed to have been finalised for Jordan's 49% partner Merrion Capital to pass on its shares to a company called Grand Prix Investments (GPI), which is controlled by Sheikh Ahmed bin Saeed al-Maktoum, the chairman of Dubai Civil Aviation and the man who has done such a good job building up the Emirates airline in recent years.

The plan is to use the team to promote Dubai as a business and tourism centre in much the same way as was done a few years ago with the Victory Team offshore powerboat operation.

Sheikh Ahmed suggested over the weekend that the plan was for the team to be headquartered in Dubai but it seems more likely that they will simply have an office there.

The team will continue to be run by Jordan from Britain and new investment may enable Jordan to finally get on with the construction of a new factory at Silverstone where there is land waiting for a new headquarters to be built.

Jordan has so far refused to comment on the rumours.

A team statement released over the weekend said: "Jordan Grand Prix has read with interest the statement issued by the Emirate of Dubai.

"The team is frequently associated with such stories and the prospect of Jordan Grand Prix being in talks is not extraordinary. Until there is something to report the team has no comment."

The deal appears to be a reaction to the success of the recent Bahrain Grand Prix and will no doubt add to the desire of other members of the al-Maktoum family to get Formula 1 to go to the new Dubai Autodrome, which has been built by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, a cousin of the Emirates boss.

Another cousin Sheikh Maktoum Hasher Maktoum Al Maktoum is behind plans for the A1 Grand Prix series, which is designed to run Formula 1-style cars in a winter championship.