Jordan Gone/Going Bankrupt????

[Valve Bounce]

Originally posted by DNQ
I think you might be right. Ferrari, Mercedes, BMW, Honda, Renault, they don't give a damn what's going on at the back of the grid

It's a shame, despite what those in control think, F1 can not sustain it's success without privateers. When the manufacturers pull out (which they will, look at Le Mans, BTCC, CART etc), who then will fill up the grids. The privateers...of which we currently have hardly any...

As Wrex pointed out in another thread, the privateers are a necessary part of the F1 scene as they pick up the rear of the field and the grid. No manufacturer/factory team can withstand coming last on a regular basis, as their sales would suffer, and the company would pull the plug on the F1 team. Think Toyota or Honda, and you'll get the picture.

[Jellybabe]

Originally posted by Sato san
I found it strange to read yesterday that Ant Davidson said publicly at Autosport show that Eddie Jordan has got his back to the wall in regards to needing money from thhe 2nd driver.....

But i hope it hasnt got that far yet.....

Why did you find it strange?

As far as I understand it, EJ is at least $5million short for next year, so either Fisi will have to drive for free(!) or he needs a driver with money, or a driver who can pull strings with either Ford or B&H to let them have engines for less or more sponsorship money.

[ParkLife]

EJ isn't a poor man and has apparently said that if need be he will put his own money towards keeping the team afloat. Obviously that would only be a short term solution though.

[Wrex]

Yes, but thats usually the beginning of the end is'nt it.

I hope EJ can ride the times out. Very sad to see a team that challenged for the WDC in 99 (ok not really but they gave it a shot) in this sort of trouble.

[Armco Bender]

Heck yes,the last thing you would do if you had money is put it in an F1 team,even if it is your own team.Isnt it about time Bernie stepped in and put together something to shore up the small teams finances?,or are they just happy fiddling while Rome burns(or goes broke)?.Eventually reduced grids are going to have a big impact on the sport/sponsors/tv rights etc and utimately Bernies pocket.Or has he made so many $quillions out of F1 he doesnt give a big rats exhaust pipe anymore?

[GTRMagic]

It is dangerous even whispering that EJ or his team is in financial trouble. The legal eagles are watching

[Armco Bender]

Its common knowledge the small teams are all on the edge,if not already down the dunny.

[ParkLife]

I think the meeting on the 15th will result in some sort of rescue package for the smaller teams. Dunno what it will be yet though!

[ParkLife]

I think the meeting on the 15th will result in some sort of rescue package for the smaller teams. Dunno what it will be yet though!

[Bononi]

This is really bad, but I don't think FIA/Bernie really care, while they got the money

[BootsOntheSide]

The longterm situation is the problem. Eddie Jordan really was the last true privateer to enter F1 and succeed without any major car-company backing (Sauber had Mercedes and Stewart Ford), and his charisma and style have made him a firm favourite, as well as his launching numerous careers. Paul Stoddart has made the same impression in just 2 years.

The time is coming where these guys might feel that its not worth it. If CART becomes more international, and continues as a thrilling varied series, with the new spec Ford engines, private teams could see that as a viable alternative, and crucially so could sponsors, and drivers.

The meeting you mention definately needs to have some more changes made. Traction control and other gizmos could be dropped, but will they decide they can police it?

[Wrex]

Originally posted by ParkLife
I think the meeting on the 15th will result in some sort of rescue package for the smaller teams. Dunno what it will be yet though!

You must know, you hinted at it twice

[RWC]

No doubt at all eddie has financial problems,but he's been there before and knows all the tricks to make sure he gets through.He's a former banker by the way

[BootsOntheSide]

Are you confusing him with Eddie George, retiring Governer of the Bank of England? Eddie Jordan having been in banking is news to me, I thought he'd been involved in racing all his life.

[racingdick]

they would do what they did a few years back and get all the team personal to give up a months wages to help the team survive.
well thats what i heard they did...

[KA]

Originally posted by BootsOntheSide
Are you confusing him with Eddie George, retiring Governer of the Bank of England? Eddie Jordan having been in banking is news to me, I thought he'd been involved in racing all his life.

EJ was working for a bank in Ireland when he first got involved in racing as a driver

[Super Tourer]

Eddie was (I believe) a bank clerk in Dublin, many, many years ago.....!!!!!

I think we can put the situation into perspective thus: To teams like Jordan, Sauber, Williams, McLaren, etc F1 is their business from which they derive their income, and the platform their 'wealth' is created on.

To the car makers F1 is an expenditure, justified on usually marketing and sometimes technical grounds. When it's served its purpose that expenditure simply gets directed into more TV advertising/product launches, etc. The car makers are no better or worse off (financially) by being in F1, which makes it equally 'easy' for them to leave or enter F1.

As per just about every series you can name, car makers have entered, escalated the costs to the point that 'privateers' can no longer compete - then the manufacturers get disgruntled with the rules/tired of doing it, etc and leave - sending the series into a virtual collapse.

F1 has seemed to be immune to this for years, F1 bosses have seen the WSC and BTCC brought to their knees like this, and obviously not taken note of the lesson played out for them. Now however, it's different BMW and Mercedes are more than just suppliers to their respective teams, they increasingly fund more of the teams operation -making the gap larger to fill should they leave.

F1 is over reliant on car makers, who in turn are the most likely ones to abandon it - it only takes a board room shake up at any of the car brands for a line to be drawn through their F1 program, we only have to see how close Ford came to pulling Jaguar out to recognise this.

[JR Ewing]

Originally posted by KA
EJ was working for a bank in Ireland when he first got involved in racing as a driver

Doh! He was a cashier I think!

Everyone seems to forget that a substantial shareholder in Jordan GP is Warburgs - not too dissimilar to Arrows. While not a majority they can stop EJ doing things if they want to, like sell the team.

[Kex]

Eddie also used to flog fish to rugby supporters and carpet off-cuts.

[Ej10]

This is a reply to an email i sent to the jordan website.



From "Russell Banks" <russell.banks@dial.pipex.com>
Date Friday, January 3, 2003 10:23 am
To "chris mullen"
Subject RE:
Hi Chris,

Not sure where that came from but rest assured it is complete rubbish!
Eddie and the team are here to stay.

Best regards

Russell Banks
Jordan Enquiries



-----Original Message-----
From: chris mullen
Sent: 20 December 2002 11:02
To: jordan.enquiries@jordanformula1.com
Subject:


I have been reading reports suggesting that Eddie Jordan is selling up
the Jordan team and leaving F1. If that is to be the case I along with
many other jordan fans will no longer have any interest in F1. F1
without eddie would be a disaster. He brings life and spirit into the
sport that never has and never will see the like of him again. So on
behalf of all the jordan fans. EDDIE DONT SELL UP F1 NEEDS YOU.

Chris mullen


Not much to go on but i suggest that all those anti jordan people out there will be dissapointed that it looks like eddie and the team are here to stay

[Sato san]

Originally posted by Ej10

Not sure where that came from but rest assured it is complete rubbish!
Eddie and the team are here to stay.

thats what i wanted to here .

[Wrex]

Well thats what they would say is'nt it.

That said I don't think they are going anywhere yet. Jordan just has to pull it's belt in thats all, I strongly doubt it's as bad as some are making out.

[JR Ewing]

[QUOTE]Originally posted by Ej10
Not sure where that came from but rest assured it is complete rubbish!
Eddie and the team are here to stay.


Like he could say anything else? Note the rumour has now been denied which only adds to its credence...

[Bononi]

Uhn... Keep the faith guys.

[DNQ]

Originally posted by Valve Bounce
As Wrex pointed out in another thread, the privateers are a necessary part of the F1 scene as they pick up the rear of the field and the grid. No manufacturer/factory team can withstand coming last on a regular basis, as their sales would suffer, and the company would pull the plug on the F1 team. Think Toyota or Honda, and you'll get the picture.

Yep. Privateers are the backbone of ANY motor racing series.