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Last Updated: Saturday, 21 May, 2005, 15:26 GMT 16:26 UK
Jordan owner denies plan to sell
Jordan owner Alex Shnaider
Russian-born billionaire Alex Shnaider has dismissed rumours he wants to sell the Jordan Formula One team he bought in January.

Ex-Ferrari driver Eddie Irvine has been linked with a move to buy out Shnaider.

But Shnaider denied talking to Irvine and said he was still planning to rename the team Midland from 2006.

"It's not true. I don't want to sell the team, absolutely not. There is nothing going on so I don't know where this is coming from," said Shnaider.

"I was asked theoretically whether it is possible that I would sell the team and I said that everything is for sale.

It's very easy to be foolish and spend money
Jordan chief Alex Shnaider

"We buy businesses, we sell businesses, we buy companies and we sell companies.

"At the end of the day we are an investment company so obviously things could be sold if the right amount is being offered, but nobody offered me anything."

Shnaider originally planned to create his own team from scratch, only buying Jordan to avoid the $48m (26m) bond new teams have to pay.

"We want to keep the costs down for this year. It's very easy to be foolish and spend money," said Shnaider.

"For next year we are preparing and we are spending money," he said, adding that two wind tunnels and new motor homes had been ordered for 2006.

"For this year I don't see anything that we would put money in that we would get a good return on our investment for."




SEE ALSO
Jordan invest in own wind tunnel
19 Apr 05 |  Formula One
Jordan unveil new car in Moscow
25 Feb 05 |  Formula One
Jordan secures Russian takeover
24 Jan 05 |  Formula One


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