Formula One news

Jordan sold team to Russian - report

Eddie Jordan has agreed to sell his Formula One team to Russian business man Alex Shnaider, the man behind the Midland F1 project, Autosport has claimed. The report adds that an announcement is expected shortly which will end Jordan's 14-year role as the head of Jordan Grand Prix.

The report claims that after weeks of negotiations with Shnaider an agreement has been reached, but no contract has been signed just yet. In the agreement it was reported that Shnaider would take over as team principal with Jordan assuming the role of commercial director.

Whether the team name will change remains to be seen. Autosport quoted Jordan as saying, "No deal has been finalised yet, but my role will change."

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