The Jordan Formula One team is to be taken over by a group led by Russian-born businessman Alex Shnaider.
The team will compete under the name Jordan Grand Prix in 2005, while Shnaider's Midland Group will announce further details "in due course".
Team boss Eddie Jordan is said to be remaining with the team in a commercial and sponsorship capacity.
The Jordan team has been struggling financially and the deal could be worth around $50million (£26.6million), but full details have not been revealed.
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