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Ford Motor announced today the sale of its famous Aston Martin brand for $925 million (£450 million) to a consortium led by David Richards, the British accountant turned racing mogul.
The deal was unveiled at Aston Martin's headquarters in Gaydon, Warwickshire.
Ford will retain a 15 per cent stake in the sports car maker, worth $77 million.
Mr Richards, the former head of BAR, the Formula One racing team, is backed by two Kuwaiti investment funds, Investment Dar and Adeem Investment.
The consortium also includes John Sinders, the Texan financier and car collector.
Ford, which has owned Aston Martin since 1994, put the sports car business up for sale six months ago.
A field of about 30 parties originally expressed interest in the marque, the first assset to be sold off by the ailing Ford under its present restructuring plan.
The takeover is being led by Mr Richards’s Prodrive business, which specialises in boosting the performance of racing cars.
Prodrive began developing cars for Aston Martin Racing three years ago.
Ford is midway through a significant restructuring after reporting a $13 billion loss last year.
Prodrive, which plans to enter the 2008 Formula One championship under its own colours, already runs the Subaru rally team.
Doughty Hanson, the private equity group, dropped its bid to between £350 million and £400 million last week because of previously undisclosed items on Aston Martin’s books.
Aston Martin made about £40 million in operating profits last year, after producing about 7,000 cars.
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Chuffed Dave Richards is involved with Aston Martin as I reckon he is a clever guy. Not sure we can say it's in British hands due to overseas involvement but I wish all parties involved the best of luck and lets see Aston Martin at the top with great designs and fantastic engineering and I hope this is just the beginning. I still get hot and bothered when I think of the British names that were sold off, Triumph, MG, Land Rover, Mini - all iconic names and history bought by foriegn companies who appreciated there worth. What are our banks doing to encourage British business, not enough! They just take the easy money from all the punters that now HAVE to use there services.
Gordon Smith, Aberdeen,
This is good. Nice to see a UK based consortium buying it.However what a great job Ford did with the Aston, its also great they are hanging onto a stake.
Look forward to seeing Aston developer further - shame I am never going to be able to buy one.
Tim, London, UK
I wish Dave Richards well, I only live several miles from the Prodrive operation and have watched the dynamic growth of the business over recent years, I do feel Dave has overstretched himself with this overseas financed deal and purchase of Aston Martin; the boardroom will be creaking at the seams when all of the shareholders have their first board meeting.
Interesting to note that Ford has retained a small shareholding, this will to be protect manf and intellectual rights, etc, should they decide to pull out altogether in 1-2 yrs, the Aston Martin operation will be in BIG trouble.
Good luck, Dave, you will need plenty to succeed with your latest spectacular business adventure.
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Steve, Banbury, UK
Congrats Dave Richards - good to see Aston Martin's future is safe hands (no pressure). Go win F1 2008 and show the world what Aston Martin can really do!!!!!! Britain is behind you!!!
Miles Bennett, London,
We have to be thankful to Ford for bringing Aston Martin back from the dead, but as a supporter (and employee) of the dwindling 'British owned' automotive industry, it's certainly good to see this historic marque returning home.
Jim, woking, surrey, UK
Its refreshing seeing serious ,well financed ,motoring entrepreneurship being injected into this famous marque.The mixture ibn the board seems just about right : Gulf finance+British motoring expertise+(Rich!) American motor enthusiast+Established Global vehicle manufacturer.
I take my hat off to Ford on this because this promising set up would not have been possible had it not invested in Aston Martin .
Saviour, Naxxar, MALTA
Another clanger by Ford. Dave Richards will put AM on the F1 map unlike the corporate fiasco made by Ford when pushing the Jaguar brand. And what now of Jaguar now that most of their 'cool' cars are based on AM? I'm sure Mr Richards will charge appropriately for his engineering services. Good luck to AM and good luck to Dave Richards - no better pair of hands for this priceless marque.
Rob Bullen, New York, New York
Ford must be mad to sell Aston, take the money, and pump it into metal bashing dated cars in the states while facing growing competition from the far east in that sector in the US. Move on!
Rob D, Reading, UK
Hip, Hip, Hooray!!!! Congratulations!!!!! The Aston Martin Company is back under British management. Hopefully, Jaguar would follow suite.
Niwa, Atlanta, Georgia. USA.