The Midland Group's interest in Formula One involvement began in 2004 when they confirmed plans to create a team to race in the season. Although they were initially linked with creating a new unit or purchasing Jaguar, the group instead signed a deal to buy the Jordan team from Eddie Jordan prior to the season, for a sum of $60 million. As a result, the team would be a legal continuation of Jordan and not a new entity subject to Formula One's $48 million entry bond. It also allowed Midland to claim the television revenue generated by Jordan's subsequent ninth place in the constructors' championship.