Reports are circulating that Eddie Jordan is about to sell the Jordan Formula 1 team to a member of the ruling family of Dubai.

The reports state that Sheikh Ahmed bin Saeed Al-Maktoum, chairman of the Emirates airline group, will pay the Eddie Jordan between 40 and 60 million euro for the team.

Jordan, a former bank official, founded the team in 1990 and will retain a minority shareholding in the team which will be renamed Team Dubai and relocate it in the Gulf. He will also remain in charge of the team for two years after the take-over.

Al Maktoum, whose family own the Godolphin horse racing stables, is believed to be ready to invest more than 150 million euro in the team to bring the team to the top of Formula 1, after having slipped to the back of the grid in recent years.

Filed by Barry J Whyte