11-12-2002

Eddie Jordan's Silverstone-based team have suffered a costly blow with the departure of principal backer Deutsche Post World Net.

'Deutsche Post World Net, along with its brands such as DHL and Danzas, has been a superb sponsor and extremely important in the development of Jordan in recent seasons,' said a disconsolate Jordan.

DHL moved in as a last-minute title sponsor for the yellow racers this year in the wake of Benson & Hedges relocation to the funding shadows.

Danzas, Deutsche Post and DHL logos filled in some 40 percent of Jordan's financial backing for season 2002.

But the German company plans to discontinue its Formula One sponsorship programme at the end of a difficult season that netted only sixth place in the Championship.

Eddie adds: 'So, whilst we are naturally disappointed by the decision to end its involvement in Formula One I would like to thank them for their support.'

The Irishman is hopeful that the now gaping sponsorship portfolio can be quickly filled in time for season 2003: 'We have known about Deutsche Post World Net's decision on a strictly confidential basis for some time,' Jordan says.

'And therefore, as you would expect, we are in negotiations with new sponsors.'

Jordan will not be in a position to announce any new partners until the New Year and the launch of EJ13.

'We have a strong track record commercially and although this past season was not among our most competitive the fact that we finished in the top six for a ninth consecutive season shows that even in difficult times we have acquitted ourselves well.'

The departure of Deutsche Post coincides with Jordan's farewell of Japanese factory Honda engine power for 2003, giving the team - says Jordan - the ideal opportunity for a 'new era.'

He says: 'Given our optimism about the new relationship with Ford of Europe and Cosworth Racing, and looking at the design of next year's car, we have every reason to look forward to new goals and a new era for the team.'

This news follows hot on the heels of several other major German sponsorship departures at the pinnacle of motorsports.

Yesterday, long-term BMW-Williams partners Veltins announced that waning television audiences compelled them to pull their multi-million dollar backing of the Grove-based outfit.

And loyal McLaren backer Deutsche Telekom will also cease their sponsorship of the Mercedes-powered Woking team from next year citing rising debts and an unstable German economy.

Deutsche Post leave Jordan after a three-year collaboration. 'We wish to thank Eddie Jordan and his team for their close collaboration in the three-years,' said a company spokesman.

'Our communication goals have been fulfilled,' came the explanation for their departure. 'Our participation in Formula One made us well known internationally and we are now very trusted by customers in Europe and worldwide as the best.'

It has also emerged that Jordan Grand Prix filed profits last year some 50 percent down on previous years.

But Ian Phillips, the team's director of business development, scotched speculation that Formula One could be about to lose yet another team as $30 million disappears from Jordan's 2003 budget.

'We are confident we can find the additional budget,' he said. 'We have been making the necessary plans, and there is no doubt there will be two Jordan cars on the starting grid at the start of next season.'

Deutsche Post World Net is one of the largest, high-performing logistics companies in the world.