11/11/02: Jordan have been dealt a major financial blow after main sponsors Deutsche Post World Net today announced their intention to pull out of Formula One at the end of next month.

The deal was worth £15 million a year to the Irish team, who now hope to name a new backer in the new year.

Team boss Eddie Jordan said: "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.

"So while we are naturally disappointed by the decision to end its involvement in Formula One, I would like to thank them for their support.

"We have known about Deutsche Post World Net's decision on a strictly confidential basis for some time - and therefore, as you would expect, we are in negotiations with new sponsors.

The team will launch their new Ford Cosworth RS-powered Jordan EJ13 car early next year, by which time they hope to have a new sponsor on board.