Dubliners buy Jordan stake

Jordan believes the move can aid future progress

A consortium based in Dublin has purchased a 49% stake in Formula One team Jordan from private equity firm Warburg Pincus.

Team boss Eddie Jordan, who holds the remaining balance in the team, welcomed the news.

"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 One," said Jordan.

Jordan drivers Giancarlo Fisichella and Ralph Firman have earned a total of 13 points this so far season, with Italian Fisichella winner of the Brazilian Grand Prix in April.

The team are currently ninth in the 10-team world championship constructors standings.

Stockbrokerage Merrion, who led the consortium, said in a statement on Tuesday: "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."

A spokesman for Merrion refused to say how much was paid for the stake but the shareholding changed hands in 1998 for around £40m.