Eddie Irvine is unlikely to be on the starting grid for the 2003 Formula One season after his failure to secure a drive with the Jordan team.

Irvine, whose contract with Jaguar was not renewed at the end of last season, had been in talks with Jordan about lining up alongside Italian Giancarlo Fisicella.

But his hopes were dashed after talks broke down for financial reasons.

The 37-year-old Ulsterman told The Sun: "It's a sad day. I have decided not to drive in F1 this year - or at least at the moment."

Irvine had set his heart on a return to the team with which he made his F1 debut in 1993.

"In July last year I made up my mind to drive for Jordan Grand Prix. I had very strong feelings about returning to the team which started my F1 career," he said.

"Unfortunately, due to the economic downturn, Jordan are forced to look for a driver who brings extra funds to the team.

"I can only bring speed, reliability and greater experience."

Irvine admitted he had been looking forward to testing himself under the new rules introduced by the sport for this season.

He added: "It's a shame because I really would have enjoyed the rule changes, specially single-lap qualifying.

"It's a huge shame. I was really looking forward to driving for Jordan this season.

"Driving alongside Giancarlo Fisichella would have been fantastic. I would have been working with a driver I really respect.

"I have always had a lot of affection for Jordan as a team. They gave me my big break in 1993 and I thought I could end my career with them."

Irvine had his best championship finish in 1999 when he finished second in the drivers' standings in a Ferrari after team-mate Michael Schumacher broke his leg.

"That really was a fantastic season and a very emotional one. It was a real rollercoaster year which gave me so many thrills," he said.

"I know I didn't win the championship but it was still great battling for it."

Irvine did not rule out a return to the sport. He said: "You never know what can happen."