Aston Martin sale speeds ahead
Friday, 09 Mar 2007 10:22
James Bond is one of Aston Martin's famous customers
Famous car marque Aston Martin is expected to be sold by Ford in the next few days for less than half of its original asking price.
Although the buyer has not yet been confirmed, industry insiders have tipped a business consortium headed by David Richards as the favourite bidders for the company.
Working as an accountant before his drastic career change to a life in motorsports, former World Rally Championship winner Mr Richards is now the chairman of Prodrive, an engineering group he co-founded in 1984.
Prodrive are currently involved with Aston Martin, running the brand's racing team in the world sports car series.
It is thought that the luxury car brand will be sold by Ford for between £400 million and £500 million, although the manufacturer initially asked for £1 billion for the firm six months ago.
American car manufacturer Ford bought 75 per cent of the luxury sports car company in 1987 before taking full control at the wheel of Aston Martin in 1994.
However the Michigan-based firm put Aston Martin, the famous maker of James Bond's favourite sporty numbers, up for sale due to financial pressures. Since 1995 the manufacturer has continuously lost market share in the US and last year revealed losses of more than $12 billion (£6.21 billion).