Jordan used to run an F1 team after a brief career in the 1970s as a driver. Starting with lower race series, Jordan eventually created the F1 team, Jordan Grand Prix, which lasted from 1991 until 2005, featuring powerplants provided by a variety of manufacturers. Michael Schumacher (yes, that Michael Schumacher) made his F1 debut with the team in 1991.
RadioTimes also claims David Coulthard was in the running for the cohost job, but declined as his F1 commentator gig was too good to leave.
In other Top Gear news, Chris Harris may have been unofficially confirmed to be part of the new show in a tweet sent out by Chris Evans congratulating LeBlanc on his announcement.