OFFICIAL: Jordan, Midland agree take-over deal.

The ailing Jordan team and Formula One wannabes Midland have reached an agreement that will see two become one, and secured the immediate future of Eddie Jordan's operation after doubts that it would make the start of the 2005 season.

The timing of the announcement has caught some by surprise, with insiders expecting Jordan to hold out until after Tuesday's meeting between team bosses and F1 ringmaster Bernie Ecclestone in order to see what financial offer might be laid on the table to continue with an extended Concorde Agreement, but the two parties have confirmed that they have signed a contract that will lead to the future take-over of Jordan by the Midland Group. Under the terms of the deal, the team will compete in this year's world championship under the Jordan name, and will field a pair of Jordan-Toyota EJ15s.

Further details will be announced by Midland in due course, but Eddie Jordan admitted that he hoped that the deal would return his team to the heights it enjoyed before the turn of the century.

"I have to thank Bernie Ecclestone for making the introduction to Alex Shnaider of Midland F1, as I wholeheartedly believe that Midland joining with Jordan will make the team stronger," the Irishman, who will be staying on with the team, said, "I spoke to a number of interested parties in recent months and these are absolutely the right people.

"They are totally committed and, as we look to the future, we will see this team return to the competitiveness we have proved we are capable of. The sport and the required resources have changed and this deal provides the team with the security and strength it needs.

"I'm glad that, for the time being, we keep the Jordan name, and I am also delighted to confirm that I will remain involved with the team and will be working with Jordan in a variety of commercial and sponsorship capacities as we move forward."

The deal, which was been mooted even before confirmation that talks between Jordan and new Red Bull Racing sporting director Christian Horner had broken down, will not only secure Jordan's presence on the grid in 2005, but, as Red Bull achieved with its purchase of Jaguar Racing, will save Shnaider both the cost of the $48million bond required of new teams and the initial set-up outlay necessary to perform. It is expected that the Midland operation will eventually assume both control and naming rights for the team, and will press the chassis currently under development at Dallara into use for 2006.

Jordan has yet to announce drivers for its 2005 campaign because of the uncertainty surrounding its participation, but is understood to have tabbed both 2004 substitute Timo Glock and Dutch test driver Robert Doornbos to race this year. Both drivers are thought to have access to substantial sponsorship to complement the sum being pumped into the team by the Midland deal.