A consortium of Irish investors assembled by stockbrokers Merrion Capital has purchased a 49.9 per cent shareholding the struggling Jordan Formula One team.
The new investors purchased the shareholding from private equity firm Warburg Pincus, which acquired the shareholding for around $60 million at the end of 1998.
There has been persistent speculation that Mr Craig Pollock - the founder of rival Formula One team BAR - was ready to make play for Jordan in a joint bid with former world champion Jacques Villeneuve.
According to Mr John Conroy of Merrion Capital, the new investors are attracted by Jordan's "proven ability to win races" and by the "vibrant, can-do culture of the Jordan brand and Eddie Jordan".
Mr Eddie Jordan thanked Warburg Pincus for its support over the past five years, during which time Jordan won four races and finished third in the constructors' championship.
Jordan has had a disappointing season so far this year, scoring only 13 points and leaving the team in ninth position in the constructor's championship.
The team has failed to win a grand prix since 1999.