?

Log in

No account? Create an account
Formula 1's Journal -- Day [entries|friends|calendar]
Formula 1

[ website | -The Official Formula1 Site- ]
[ userinfo | livejournal userinfo ]
[ calendar | livejournal calendar ]

Jordan loses main sponsor [12 Nov 2002|03:39pm]
[ mood | nerdy ]

Jordan's main sponsor Deutsche Post has decided not to renew its contract with the Formula One team.

The German company's deal with Jordan expired at the end of last season. The news is a huge blow as Jordan have already admitted that they are finding it hard to raise the funds to compete next year. Their second driver berth has effectively turned into a race for sponsorship for those hoping to land it.

They are Japanese Takuma Sato, who may be dropped despite being under contract, and Britons F1 veteran Eddie Irvine and rookie Anthony Davidson.

TS, EJ, GF

Deutsche Post, who had been Jordan's main sponsor for three years, said the end of the current contract had seemed "a good time to stop" the association.

"We have totally achieved our goals in terms of communication," Deutsche Post spokesman Gert Schukies said in a statement.

"Participating in motor racing has enabled us to make our brand known internationally."

He added: "Jordan Ltd were fair and communicative partners throughout our three years of collaboration."

Jordan team boss Eddie Jordan said he had known for a while that the contract would not be renewed.

He said in a statement that he was already in negotiations with potential new sponsors.

"Although this past season was not among our most competitive, the fact that we finished in the top six for a ninth consecutive season shows that even in difficult times we have acquitted ourselves well," added Jordan.

post comment

Germans to buy Arrows? [12 Nov 2002|03:45pm]
[ mood | contemplative ]

The owner of Arrows has denied reports that the troubled Formula One team have been sold. The Italian newspaper Gazzetta dello Sport has said that a company called German Grand Prix Racing has taken a majority shareholding in the cash-strapped team. The company - a front for unidentified investors from the United Arab Emirates - was expected to attempt to enter the team to race in F1 in 2003, Gazzetta said.The new buyers were said to have bought out Arrows' chief shareholder, the investment bank Morgan Grenfell Private Equity, and to have taken a controlling share of more than 51%. But a spokesman for Deutsche Bank - which controls Morgan Grenfell - denied that the team had been sold. "Talks are ongoing, but nothing has been sold yet," he said. He said he had not heard of the group that were supposedly involved in the buy-out, and that "not much has changed" since the team collapsed in the summer.

Gazzetta had said that team boss Tom Walkinshaw will be asked to stay on to run the team and retain a minority shareholding. Gazzetta quoted Oliver Behring - owner of Asset Trust Partners, the holding company of German Grand Prix Racing - saying the new owners did not wish to be known."They have bought more than 51% of Arrows, but I cannot say how much in total," Behring is quoted. "In any case, the acquisition comprises and now goes beyond the shareholding of the merchant bank Morgan Grenfell, which is now out of the picture." Even if the team are sold, and Arrows are allowed back into F1, the team face a number of serious hurdles before they can race. They have no engine supplier and no title sponsor and many of the staff have left. On top of that, Arrows could be barred from the championship on the grounds that they missed six of the last seven races last year.

Will Arrows ever race again?

post comment

navigation
[ viewing | November 12th, 2002 ]
[ go | previous day|next day ]