He is the co-founder with Alexander Shnaider of Midland Group, a holding company headquartered in Guernsey that embraces interests in steel (Zaporizhstal), shipping, real estate, agriculture and owned motorsport (Midland F1 Racing).
The team was created by the renaming of Jordan Grand Prix after its purchase by Canadian businessman, and owner of the Midland Group, Alex Shnaider.
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Team principal Trevor Carlin quit the team after seven races, and chief engineer and designer Mark Smith before the end of the season.
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Shnaider bought Jordan Grand Prix from Eddie Jordan in February 2005 for approximately USD $50 million, and renamed it Midland F1 Racing for the 2006 Formula One season.