Thursday 25th October 2012

Prodrive to buy Cosworth?

Boss Richards says iconic engine supplier is "worth a look"

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Prodrive is weighing up the possibility of buying F1 engine supplier (and occasional fuel pump builder) Cosworth, owner David Richards has said.

The iconic business is up for sale after its US owners failed to float the firm on the stock market. Cosworth is also facing uncertainty over its customers in Formula 1 beyond 2013. Currently it supplies HRT and Marussia.

“We've just started to take a look at Cosworth although I think they have rather over-priced themselves. Nonetheless, worth a look," Richards told the Daily Mail. It's not been revealed what the asking price is, but "senior motorsport sources" quoted by the Mail put it at £40m.

Deal could update V12 first seen in this

Prodrive has long harboured ambitions to return to Formula 1 following its stint running BAR early last decade. It even won a place on the 2008 grid, but subsequently didn't take it up.

It's not just F1 that could be interesting to Richards. As chairman of Aston Martin he may well be keen to make Prodrive an engine customer of the firm.

There's already a Cosworth link in that the powertrain division of Mahle, the German engineering giant that makes V12 blocks for Aston, was formed out of the other Cosworth when they bought it from Audi back in 2004. Prior to that Cosworth designed and made V12 engines for Aston.

1968 Lotus powered by famed Cosworth V8

All very confusing (and possibly not relevant!) but the original firm founded by Mike Costin and Keith Duckworth back in 1958 was split after Audi bought it from Vickers in 1998.

Almost immediately Audi hived off the F1 division and sold it to long-term Cosworth sugardaddy Ford, who used the accumulated knowhow to embark on a largely disappointing F1 career via Jaguar, before selling it to Champ Car World Series owners Gerald Forsythe and Kevin Kalkhoven, also in 2004.

Cosworth is no lame duck [is that a joke? - Ed] despite its current problems. Last year it made £3.9m in after-tax profits and has interests outside its core engine business in defence and aerospace.

Would be great to see it back in British hands and steered by someone with Richards' deft touch when it comes to iconic brands.

[robinessex]

Better bet is McLaren. That way, they get 2 options. A F1 engine, and one for the roads cars.

[billywhiz]

typo..Mike Costin

[sideways sid]

"Would be great to see it back in British hands"

Isn't Prodrive owned by Kuwait Sovereign Funds?

[PHMatt]

Would be great to see their engines back in a decent Ford more like.
Not an F1, a road car.

Ahem..Focus...Ahem

[masermartin]

Mike Costin, not Mike Cosworth

Edit - billy beat me to it.

[trunks82]

PHMatt said:

Would be great to see their engines back in a decent Ford more like.
Not an F1, a road car.

Ahem..Focus...Ahem

One can dream!

[Fleckers]

Proworth
Cosdrive

[masermartin]

PHMatt said:

Would be great to see their engines back in a decent Ford more like.
Not an F1, a road car.

Ahem..Focus...Ahem

Ford are busy shutting down engine plants, I doubt they'd be off buying up another one.

[Frimley111R]

masermartin said:

Ford are busy shutting down engine plants, I doubt they'd be off buying up another one.

Not really the same though is it? Road car engine factories vs. specialist motorsport engine builder.

[masermartin]

Frimley111R said:

masermartin said:

Ford are busy shutting down engine plants, I doubt they'd be off buying up another one.

Not really the same though is it? Road car engine factories vs. specialist motorsport engine builder.

I'd suggest if they can't afford the one, then the other would not be high on their list of priorities.

[ScoobieWRX]

For me Prodrive and Cosworth would be the best thing that could possibly happen, specially in Subaru terms. I'd love to see Prodrive get back in Subaru, specially with Cosworth (who already make after market engines and components for Subarus) which might mean they could offer something more than the PPP package they used to charge the earth for. this could really move the game on.

I'd love to see Prodrive put the P2 into production and take it rallying with Cosworth built engines.

What an amazing bit of kit that would be!!

[mark3man]

sideways sid said:

"Would be great to see it back in British hands"

Isn't Prodrive owned by Kuwait Sovereign Funds?

You may be confusing them with the Aston Martin ownership, which is largely the Kuwaiti Civil Service Pension Fund but under different names.
Prodrive carry a great deal of debt but their defence contracts side is a good 'merge' with Prodrive - albeit a declining market.
Cosworth adventures show what happens when accountants take over from engineers. Summed up by 'we can make it far more profitably, but the only snag is, no one wants to buy it'

[nsa]

Usually the answer to any headline ending in a question mark is "no".

And quoting the Daily Mail on anything is plain wrong.

[tommy vercetti]

I hope Cosworth is saved, be a big shame if it goes

[vincegail]

nsa said:

Usually the answer to any headline ending in a question mark is "no".

Indeed it is: http://en.wikipedia.org/wiki/Betteridge's_law_of_h...

[tomoleeds]

Mclaren are not for sale,any car maker that could have the Cosworth badge on its bootlid would help sales in my opinon.even people who know nothing about engines have heard of Cosworth,

[SuperchargedVR6]

So which of the many Cosworths was responsible for the Sierra / Escort 'Cosworth' ?

The one Audi bought? The original Costin/Duckworth collaboration? The Cosworth ProDrive are trying to buy? A.N.Otherworth?

[anonymous-user]

The original spirit of Cosworth is still alive and well. It's just that it isn't called Cosworth any more, and that it resides in the shadows of the Milton Keynes underground. If you have a problem, if no one else can help, and if you can find them, maybe you can hire............


BRATATATATATATATATATA

[M@1975]

Did i really just see the daily fail quoted on PH?

[alancovkid]

not a very good idea in my opinion.

Cosworth should be saved but not by DR !