By Phil Giles
January 17 2003

Bernie Ecclestone and eight of the other Formula One Teams have thrown a much needed lifeline to the smaller teams on the grid by increasing the revenue paid through television rights and through the demise of the Arrows Grand Prix team.

The eight teams have agreed to split £20 million pounds between Jordan and Minardi to ensure that they stay afloat and can race through the 2003 season.

Upon hearing the news and contradictory to comments made earlier in the off-season, Eddie Jordan said "Without this, we would have needed Houdini at his greatest, pulling lots of rabbits out of hats.  This means that we can go out to our sponsors and tell them that we are definitely in business."  An immediate effect is that Bridgestone have today announced that it is to extend it's contract with the team.

Clearly, the reports which previously surfaced about Jordan's financial position were correct.  Perhaps the team was closer to the abyss than they were prepared to let on.  Eddies comments clearly show that without this bonus from the management, the team would not have made it through the year.

This extra money is just what was needed and Jordan should now be able to finalise any outstanding sponsorship details.  Who knows, we may even find out who's going to drive the second EJ13 very soon.