Irish investors buy jordan stake

[Ej10]

Irish Investors purchase stake in Jordan
A consortium assembled by Merrion Capital has purchased a 49.9% shareholding in Jordan Grand Prix. The new investors have purchased the shareholding of Warburg Pincus and look forward to providing support and fresh impetus to Jordan Grand Prix in building on the achievements of team principal Eddie Jordan.

According to John Conroy of Merrion Capital: "the new investors are attracted by Jordan's proven ability to win races in this most competitive of sports and by the vibrant, can-do culture of the Jordan brand and Eddie Jordan".

Eddie Jordan commented: " I would firstly like to thank Warburg Pincus for their support over the past five years, during which time we won four races and finished third in the Championship. Looking ahead, I very much welcome my new partners in Merrion to Jordan Grand Prix and I am very excited to have a stable platform to propel the team to even greater achievements and to proudly wave the Irish flag in Formula 1."


About Merrion Capital

Merrion Capital is Ireland's leading independent stockbroking and > corporate finance company. Recent transactions include the EUR3.6 billion buyout of Jefferson Smurfit Group plc by Madison Dearborn Partners, the sale of Unicare to Celesio (previously GEHE) and the buyout of Arnotts plc. Merrion also advised Abbey National in relation to the takeover approach from Bank of Ireland. Merrion Capital is 30% owned by New York-based investment bank, Allen & Company Inc., a leading player in the US media, telecoms, IT and professional sports sectors.


07 Oct 2003 10:43

[Adam43]

Always provide a reference and/or link. Even if it is just a press release.

Most of this is on http://www.autosport.com/newsitem.asp?id=24896&s=5

[Adam43]

Anyway, it looks like good news for Jordan. Any idea how much the investment is?

Also with other interested parties (albeit 49.9%) it could keep Jordan on track (no pun intended).

[Ej10]

maybe paddywic was right (previous post0

http://tentenths.com/forum/showthrea...threadid=44185

[Bononi]

Yeah, good news. Now the pay drivers would go away ?

[Adam43]

He's 10.1% out Only Mick knows what he is on about

[Bononi]

Originally posted by Ej10
maybe paddywic was right (previous post0

http://tentenths.com/forum/showthrea...threadid=44185

Uhn... no connections with the names.

[josvandeperre]

None of their money has actually gone into Jordan and investors require a return so pay drivers are more not less likely

[Peter Mallett]

Don't think an investment group (I think we used to call this "venture capitalism") will make much difference. If Eddie doesn't show a profit in this "most competetive of sports" he'll be shut down. Just like Arrows.

Sorry but maybe I've got my cynical head on today.

[Ej10]

There are other investors involved too. I wonder why they are keeping quiet???????????????

[Cobra]

Originally posted by Peter Mallett
Don't think an investment group (I think we used to call this "venture capitalism") will make much difference. If Eddie doesn't show a profit in this "most competetive of sports" he'll be shut down. Just like Arrows.

Sorry but maybe I've got my cynical head on today.

Not while he is getting help in the form of equipment and transport from the likes of Mercedes he wont Peter.

[Bononi]

Originally posted by Ej10
There are other investors involved too. I wonder why they are keeping quiet???????????????

Where ? I didn't read anything about this.

[Peter Mallett]

Cobra.

Is that fact? I thought the Merc thing was just speculation.

[Cobra]

Well I'm going back a bit, but Do you remember the time that Eddie and Minardi Paul had the fall out over the fact that Eddie never backed Paul up when they went into a certain meeting to demand the release of working money from the "fighting fund." (around about June)
I remember PS saying at the time that he and Eddie had got their strategy for the meeting all sorted between them and yet when they went into the meeting Eddie clammed up, he (Paul) went on to say that he felt that Eddie had been "knobbled" by the big three into staying silent and that he was told in a press conference that turned into a slanging match between him and Ron Dennis that if he could not stand the heat to get out of the kitchen.
Paul Stoddart said at the time that he did not know why Eddie had stayed silent at the meeting but it was later reported that Jordan gear was being transported by mercedes - I think just before Silverstone - it might have even been at silverstone.
Let me know if you want me to get you the links to the articles I read, it should not be hard to track them down as it all "kicked off" around the beginning of the summer.
I actually remember gaining quite a bit of respect for Stoddart as it was happening because he was threatening to nullify the result of the Silverstone GP concerning the use of driver aids and seemed at the time to have right on his side.

[Peter Mallett]

Ah.

I'm familiar with that. It was all about the trucks at Barcelona initially. So we're not tallking about Merc engines in Jordans then.

[Testure]

That was from the team principals press conference at the Canadian GP. Stoddart made a reference to the effect of "Guess who paid for Jordan's trucks to Barcelona!". At which point both Eddie and Ron Dennis jumped in to shut him up. The transcripts are on http://www.grandprix.com somewhere.

[Cobra]

Well you never know now it could well end up Pollock /Murphy /Mercedes who knows.
One thing for sure Eddie will - even if he decides to sell will still be in there somewhere.

[ralf fan]

Good news for JORDON!.... about the MERC thing i still think it can happen

[Logrence]

I don't think it's good news for Jordan at all - as if the team wasn't under enough pressure here, along comes a company who are purely interested in making some money out of the team - that's a big shadow to have looming over your head.

[Attila]

What I do not see why is this good for Jordan. The company bought the shares from Warburg and not Jordan. In other words the money they payed went to Warburg and Jordan is in the same situation as he was before. He is still the owner and he still does not have any money, the only difference that now he has a different co-owner to the team. Maybe Merrion Capital also signed a sponsorship package with Jordan, and in this case they actually bring money to the team. Anyway, it is exciting news and I am watching with interest

[spanner]

All it seems to me is a name change as to who owns that 49.9 % share. It was Warburg pincus, now its Merrion Capital. Unless they have other arrangements with sponsership etc, i cant see it makes that much difference.

[Cobra]

We don't know but it would be a safe bet to say that there is more chance of getting the new shareholders in the team to part with cash than there would have been the old ones else they would have stayed and invested.
One thing for sure (well two things.)
There's no flies on Eddie Jordan
He loves, lives and breathes the team (or is that four.)
Whatever way it works out it will be the best for Jordan.
Also the timing of the offer to Montoyama was well done too - if there is any spare sponsorship to be picked up in Japan for next season Eddie has gone a long way to securing it.

[RWC]

Originally posted by Ej10


According to John Conroy of Merrion Capital: "the new investors are attracted by Jordan's proven ability to win races in this most competitive of sports and by the vibrant, can-do culture of the Jordan brand and Eddie Jordan".

This is soooo sad-these jokers think they'll make money out of jordan? "proven ability to win"???"vibrant can do culture" ROTFL
It'll be just like all the 'investors'in the arrows.One after the other they poured their money in only to see it disapear down the drain and realised they don't actually 'own' anything.

Seriously i hope they avtually have poured money in and it lifts the team up out of the doldrums permanantly
...but i won't count on anything changing just yet

[Ej10]

may i say that merrion capital do not actualy own the shares. they are just dealing with the purchase of the shares.

According to John Conroy of Merrion Capital: "the new investors are attracted by Jordan's proven ability to win races in this most competitive of sports and by the vibrant, can-do culture of the Jordan brand and Eddie Jordan".


The investors and ej have something to hide and they dont want us to know what yet

may i add that wp only owned 41% of the team so that means ej sold them the rest to make up it to 49.9%

Also ej has the controlling share so WP couldnt have sold unless they had EJs say so!

[vatuloa]

From F1Live.com
consortium assembled by Merrion Capital has purchased a 49.9% shareholding in Jordan Grand Prix. The new investors have purchased the shareholding of Warburg Pincus and look forward to providing support and fresh impetus to Jordan Grand Prix in building on the achievements of team principal Eddie Jordan.

If this artical is correct it leaves Minardi as the team Pollock and all the other buyers can buy if they want to.