The Midland Group today bought a significant stake in the Jordan Formula One team - a move that sees Eddie Jordan stand down as team boss.
The deal confirms Jordan's place on the grid for the first grand prix of 2005 in Australia on March 6.
However, exact details of the deal are not yet known, and recent speculation has suggested the Russian-backed group, which is involved in a range of businesses, including steel, shipping and property, would acquire only a minority stake initially before a full takeover at the end of the season.
It is, therefore, expected that the team name will change to Midland F1 in 2006.
Jordan, who will remain involved in the team in a commercial capacity, today hailed the deal as a major step towards returning the team to the the upper-reaches of F1.
"I have to thank Bernie Ecclestone for making the introduction to Alex Shnaider of Midland F1, because I wholeheartedly believe Midland joining with Jordan will make the team stronger," he said.
"I spoke to a number of interested parties in recent months, and these are absolutely the right people. They are totally committed, and as we look to the future we will see this team return to the competitiveness we have proved we are capable of."
"The sport and the required resources have changed, and this deal provides the team with the security and strength it needs," Jordan added.
"I'm glad that for the time being we keep the Jordan name and I am also delighted to confirm that I will remain involved with the team and will be working with Jordan in a variety of commercial and sponsorship capacities as we move forward."
Jordan, who began life as a team owner following a moderately successful driving career, graduated to Formula One in 1990 - when he gave Michael Schumacher his grand prix debut in Belgium.
Under his stewardship, Jordan won four grands prix from 231 races - the last of which came when Giancarlo Fisichella scored a fluke victory in Brazil two years ago.
