In a sport dominated by serious cash, Eddie Jordan made a potentially lucrative investment yesterday which didn't cost him a penny. It came when the new Formula One was launched with all the customary glitz and glamour at the London Palladium.

Winding up his address to about 500 international motoring journalists with the polish of a practised PR man, Jordan said: "You had the opportunity to kill us in the first half of last season and you were very easy on us. At the time, that's what we needed and I thank you for your patience." It was a nice touch, which his audience clearly appreciated.

This time around, it's as if the critics are being invited to take the gloves off. Apart from the qualities of the car, much was made of this being the first time in the team's history that they have two drivers with Grand Prix victories to their credit, now that Heinz-Harald Frentzen has joined Damon Hill.

Then there is Jordan's position as one of the so-called top four teams, an elevated status achieved for the first time in last season's constructor's championship. "Now that we have tasted victory, I feel psychologically stronger," said the owner. "Indeed spin doctors would probably call this car the `New Era Jordan.' "

Meanwhile, the manner of yesterday's launch led this scribe into a variety of daydreams. All because of a Pakistani illusionist named Shamid Malik. Having done wondrous things with his female assistant, Malik proceeded to conceal Hill in a red sheet which, when unwrapped, revealed not Hill, but Jordan.

Later, the illusionist's piece de resistance was to wrap an entire dance troupe in a green sheet and hey presto, it was removed to reveal the spanking new grand prix car - with an appropriate heightening of the decibel level, naturally.

All of which leads me to advise my golfing colleagues not to be surprised when they see David Duval on the first tee at a forthcoming monthly medal at our club. The entry, of course, will have been done by yours truly, before the magical intervention of Malik has assured me a better than average chance of victory.

Having entered Formula One in 1991, Jordan's fortunes were changed utterly by events in Round 13 of last year's schedule at Spa-Francorchamps. On August 30th, having had his highest finish of fourth in the two previous races, Hill swept to victory in the Belgian Grand Prix. And, oh happy day, Ralf Schumacher followed him home for a Jordan onetwo.

Understandable doubts were instantly removed about the value of a reported £20 million in sponsorship which Benson and Hedges is now investing in the team for a fourth successive season. And if he had a mind to, Jordan could afford to do some determined arm-twisting of the motoring media, with the £40 million he is reported to have got from equity investor, Warburg Pincus.

Significantly, there was no mention at yesterday's launch of erstwhile Jordan technical director Gary Anderson, who designed last year's car before a parting of the ways saw him move to Stewart. Indeed it is acknowledged that the new car, from a design team headed by Anderson's successor Mike Gascoyne, is largely a development of the 1998 model.

Even after nine days in every fortnight had been spent testing in the wind tunnel since last August, the launch was still delayed to so ensure optimum efficiency of design. So it is that the car has gone almost directly from the Palladium to Silverstone where testing will begin tomorrow.

For the technically minded, the 199 has a six-speed longitudinal gearbox with a significantly modified layout. Hitotoshi Honda informed us that the new engine is smaller, with a lower centre of gravity but with an increased power output in excess of 725 bhp.

"There's been a lot of attention to detail," said Hill, who would know about such things having won 22 grands prix and the world championship of 1996. "Obviously we want to win more than one race this season. We want to be out there challenging and harrying the opposition. At the same time we must be realistic, but I am very optimistic about this car."

Frentzen drove a RaynardMugen for Jordan as a colleague of Eddie Irvine's in the 1990 Formula 3000 Championship. Since then, the 31-year-old German has had 81 grand prix starts, including a victory at Imola in 1997. "I feel at home with Jordan," he said. "Several of the mechanics I worked with in 1990 are still here, including my number one mechanic, Andy Stevenson."

Back in 1938, they charged 11d into the "gods" to see the legendary cowboy, Tom Mix, appearing at the London Palladium with his "wonder horse, Tony." On this occasion, the attraction was a rather different sort of horsepower, introduced by the slick patter of Jeremy Clarkson. And the money? It keeps rolling in - to the Jordan coffers.