The Midland Group's interest in Formula One began in 2004 when it announced plans to create a team for the 2006 season. Although initially linked with acquiring the Jaguar team or forming a new entity, Shnaider's organisation instead agreed to buy Jordan Grand Prix from Eddie Jordan ahead of the 2005 season for a reported $60 million. The acquisition was structured as a continuation of Jordan rather than a new entry, which allowed Midland to retain the television revenue associated with Jordan's ninth-place Constructors' Championship finish.
The team ran under the Jordan name for the entire 2005 season with rookie drivers Narain Karthikeyan and Tiago Monteiro. Highlights included Monteiro's third-place finish at the 2005 United States Grand Prix — a race in which only six cars started due to the Michelin tyre controversy — and a reliable if uncompetitive season that ended with Monteiro producing a string of consecutive finishes. Team principal Trevor Carlin departed after seven races, and chief engineer Mark Smith left before the season's end. Reports emerged suggesting Shnaider was already considering selling the team before it had raced under its own name.
For 2006 the team was renamed MF1 Racing. A new livery in red, white, and black reflecting Midland Group corporate colours was applied to the new car, the Midland M16, which was powered by customer Toyota engines. Italian constructor Dallara had originally been contracted to develop the M16, but this arrangement was discontinued after a disappointing contribution, and the incumbent design team was given responsibility for the car. James Key was promoted to technical director toward the end of 2005.
Shnaider had stated an ambition to field Formula One's first Russian driver, but instead signed Dutch driver Christijan Albers from Minardi and retained Monteiro. Russian driver Roman Rusinov tested the car in the off-season. Friday practice appearances during 2006 were made by Markus Winkelhock, Giorgio Mondini, and Adrian Sutil.
On track, the team began the season at the back but made progressive improvement through the year, moving from around four seconds per lap off the pace in 2005 to approximately two seconds at the time of the sale, largely through tyre development via Bridgestone and aerodynamic and handling improvements. The team occasionally made it into the second qualifying session, achieving a best qualifying position of 14th. However, first-lap accidents at Monaco, Indianapolis, and Montreal, along with a disqualification from the German Grand Prix for running a flexible wing in breach of technical regulations, prevented improved pace from translating into significant results.
Rumours of a sale circulated through the mid-season. On 9 September 2006, it was confirmed that Spyker Cars N.V. had purchased the team for $106.6 million. As naming changes are prohibited mid-season, the team raced the final three Grands Prix — China, Japan, and Brazil — under the designation Spyker MF1 Racing, with Spyker acting as the official title sponsor. Colin Kolles remained as team principal. Mike Gascoyne joined as chief designer at the season's conclusion, and Michiel Mol became Director of F1 Racing.
For 2007 the team competed as Spyker F1. In 2008 it was sold to Indian businessman Vijay Mallya and relaunched as Force India, a team that would eventually become Racing Point and later Aston Martin.
MF1 Racing's brief existence represents one link in a chain of ownership that runs from Jordan Grand Prix through to a sustained midfield presence in the sport. The team's transformation from a famous constructor carrying decades of history into a rebranded corporate entity — and the speed with which it was sold on again — reflects the commercial pressures of Formula One in the mid-2000s. Technical contributors from the MF1 period, including James Key, went on to senior roles at other teams.