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.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax