The company that operates Mr Eddie Jordan's Formula One team confirmed yesterday that he has met Chelsea Football Club owner Mr Roman Abramovich and did not rule out the possibility that the Russian billionaire may be about to buy the business.

A spokeswoman for UK-registered Jordan Grand Prix Ltd told The Irish Times that the two men met twice last year: once at the European Grand Prix in Germany and subsequently at a soccer game in the UK. She would not comment on speculation that Mr Abramovich was about to buy the company.

"Eddie's interest is in making the team as competitive as it can be and he is exploring every avenue," she said. "He is open to the way which will be best for the team."

The Jordan spokeswoman indicated that relations between the two men were good. "They have a shared interest in football," she said. "He [Mr Jordan\] has met the guy and they get along."

Mr Abramovich is worth an estimated £5.5 billion (€7.8 billion). This year he spent a total of £259 million on buying Chelsea and bringing in new talent, including Republic of Ireland international Damien Duff. Through his company, Millhouse Capital, he has interests in oil, aluminium, meat processing, the automotive industry and pharmaceuticals.

Jordan Grand Prix needs a cash injection. It finished ninth of 10 in last year's constructors' championship and is the only team with no confirmed drivers for next season, which kicks off in March.

In October, a group of anonymous Irish investors bought Warburg Pincus's 49.9 per cent stake in Jordan Grand Prix for an estimated €21.2 million.

A week later the company was hit with a £1 million legal bill for its abortive attempt to sue Vodafone for breach of a sponsorship contract.