Jordan explains: Why I sold out...

Eddie Jordan has revealed that he had to sell his team to the Midland F1 concern, headed by Russian businessman, Alex Shnaider, as it was becoming increasingly impossible to keep the Silverstone based squad afloat.

Speaking to British newspaper The News of the World, Jordan added that the pressure of trying to make ends meet was adversely affecting his health and that, without the deal, the team could well have joined the likes of Arrows and Prost, which both folded in recent years.

"The time came when I had to sell," he told the tabloid, "I was determined the team would not go bankrupt like others have in recent seasons. Bankruptcy would have been a horrible end.

"But trying to raise the money just to keep going - let alone trying to keep up with the manufacturers - was all becoming insane.

"I know I am a bit crazy and I've always been prepared to take a risk - but the risk was becoming far too great. It was making me ill trying to figure out how I was going to make everything work.

"This way, I have been given a dignified exit."

"I've been in this business for 35 years, since my first race in karts in 1970, and that's long enough," added EJ, "I came into F1 in 1991 and, although I didn't realise my dream of winning the world title, we weren't far away in 1999.

"F1 needs independent teams like Jordan, Minardi and Sauber, but it has just become too hard. The main problem has been that the major manufacturers have not helped where they said they would, especially over engines.

"But independent teams do have a role to play - just look at the drivers we have given a chance. Michael Schumacher had his first race with us, as did his brother Ralf, Eddie Irvine and Rubens Barrichello. I found Senna and we gave him his first test.

"Every year since 1991, Ferrari has had a driver who started off at Jordan, whether in F3000 or F1. And every year since 1996, both Ferrari drivers have been former Jordan drivers.

"If you look at the history of F1 over the last decade, then Jordan is one of only four teams that have had multiple grand prix winners. Ron Dennis at McLaren said we were lucky, but that's unfair. We won races because we took risks with our strategy. If you take on Ferrari at their own game, then you are not going to beat them.

"This year's surprise package will be Renault - but I can't see Ferrari being beaten."

The Jordan name will remain in F1 in 2005, but next year it is thought that the outfit will be re-branded Midland F1, bringing an end to the squad that has competed in F1 for the last 15 years.