The Jordan Formula 1 team has become the third to agree to an extension of the Concorde Agreement through 2012. Jordan was purchased by Midland F1 earlier this year and will be renamed next season.
Jordan joins Ferrari and Red Bull Racing in agreeing to an extension of the F1 commercial rights deal which is set to expire after the 2007 season. The “group of five” — BMW (purchasing Sauber), DaimlerChrysler (partnered with McLaren), Honda, Renault and Toyota — are not likely to flinch yet which leaves Minardi and Williams as the ones to watch as the bandwagon starts to pick up speed.