Eddie Jordan, the founder, former owner and manager of the Jordan Grand Prix team, which competed in Formula 1 from 1991 to 2005, is suing British bank HSBC.
It’s a long story, but the gist of it is this: Jordan insists the bank defrauded him by offering to invest very large sums of money in the securities of the HSBC investment fund five years ago, while assuring him that this would entail minimal financial risk.
To do this, the bank provided a £47 million loan to Pendragon Investment Holdings, owned by Eddie Jordan, but all this resulted, as the London newspaper The Times reports, in losses of almost £5 million.
And now Jordan is trying to get this money back through the British capital’s High Court, claiming that HSBC made good money from his investments, while he suffered significant losses. It is difficult to predict how it will all end, but we can assume that the process will drag on for a long time, given the slow nature of British legal procedures.
The former owner of the Jordan team, which became Aston Martin F1 after a series of transformations, is estimated to be worth almost half a billion pounds.
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
