Jordan Ford boss, Eddie Jordan has welcomed news that an agreement has been reached between the car manufacturers, the banks and F1 tsar Bernie Ecclestone's company, SLEC, which controls the commercial rights to Formula One.

The car manufacturers had been threatening to form their own rival F1 series, the GPWC - Grand Prix World Championship, however an announcement was made Friday, confirming that a 'memorandum of understanding' had been signed.

Speaking to the team's official website,, EJ said: "I have yet to see details of the benefits to teams but overall it's fantastic to have harmony in the sport.

"Seeing everyone involved pulling together is a very happy situation. If the financials are what we estimated and hoped for, this will be a great help to privateer teams as well as manufacturers.

"It's good news for F1, the teams and fans all over the world."



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