Monday 12th March 2007

UPDATE: Ford sells Aston for £479m

Dave Richards buys iconic marque

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Aston Martin Rapide

Ford's sale of Aston Martin was agreed last night, according to the Telegraph newspaper.

A consortium headed by Prodrive's Dave Richards will buy the iconic marque for a figure close to £450 million, with the final details due to be revealed at a press conference at 1300 today.

Richards' consortium includes Islamic investment companies Adeem Investment KSC and Investment Dar Company.

Ford, which took full control of Aston Martin in 1993, will retain a 15 per cent stake in the new company, which makes cutting a deal with the Blue Oval over technology such as engines much easier.

Dr. Ulrich Bez, once boss of Porsche, will remain as AM's CEO, and will be tasked with increasing output from the current level of 7,000 cars a year.

UPDATE from the press conference

• Aston Martin has been sold for £479 million.
• Ford said that it was sorry to see AM go but that it has a great future ahead of it.
• Richards said that Ford did a great job with AM. But AM's true potential has yet to come. As chairman, he said he'll be involved both technically and financially.
• Bez said that he plans to increase production to 10,000 cars a year and make it the best prestige car company in the world.
• Richards refused to divulge details of the equity split among the consortium.
• On the question of AM's engines, Richards said that they will continue to be made at Ford's Cologne plant.
• On the question of F1, Richards said that there was no chance of AM going into F1. "People have been adding 2+2 and making six. Prodrive may partner with existing team, but AM will continue with sportscar racing."
• The four-door Rapide will go into production in 2009.
• Bez said he couldn't confirm any further cars for the future, such as the DBS.

Related story

• Prodrive to buy Aston Martin?

[Twin Turbo]

Hopefully AM will go from strength to strength under Mr Richards.

Good luck fella.

[RobPhoboS]

Personally I'd like to see a model or two that aren't so 'executive' based, a little more bonkers if you will

[Captain Beaky]

RobPhoboS said:

Personally I'd like to see a model or two that aren't so 'executive' based, a little more bonkers if you will

Agreed. Something half way between the V8 and the Cerbera would be ideal...

[PhantomPH]

The Sun says £500mil. :shrug:

[AMPilot]

Excellent news!

You'll find a number of enthusiasts for Aston Martin in the ranks of the investors,with a long history with the marque.

[tony*t3]

Wow. Thats really rather cheap, isnt it....?

[paulpsz008]

Aston MArtin back in F1 in 2008 then?

[Mr Whippy]

Yay!

Does this mean Ford might do something decent with Jaguar at last?

Good luck to Prodrive too... lets hope they carry on the good work!

Dave

[scotty_917]

Mr Whippy said:

Yay!

Does this mean Ford might do something decent with Jaguar at last?

Good luck to Prodrive too... lets hope they carry on the good work!

Dave

nothing to do with Prodrive;...it's Dave Richards in a private capacity with investor backing!

[sdw2003]

paulpsz008 said:

Aston MArtin back in F1 in 2008 then?

Errr... back in F1??

OK, so they entered in 1959 and 60 with the DBR4 and 5 but it was a disaster. Aston then focussed solely on sports cars where they have had much more success and should stay that way. As mentioned, this is not a Prodrive purchase and people should not get confused thinking that Aston will be in F1 next year with DR's other interests.

[Purple haze]

Isn't it nice to actually have some positive news about what's left of the British car industry - I hope Dave Richards makes a real go of it - all the best to him. I can't think of anyone better.

[b10]

Perhaps they may now introduce the Lagonda name and use it on the Rapide (a Lagonda name). This will add to the brand range and give a brand that competes with Maybach and Rolls. Discuss...

[Mr Whippy]

scotty_917 said:

Mr Whippy said:

Yay!

Does this mean Ford might do something decent with Jaguar at last?

Good luck to Prodrive too... lets hope they carry on the good work!

Dave

nothing to do with Prodrive;...it's Dave Richards in a private capacity with investor backing!

Ah yes of course, but I'm sure he'll bring across what has made him succeed with Prodrive

Dave

[sprinter885]

AMPilot said:

Excellent news!

You'll find a number of enthusiasts for Aston Martin in the ranks of the investors,with a long history with the marque.

Welcome to PH .Sounds like you know something "us normal people" don't??
Agree it is good news- & despite foreign money AM is remaining in UK.

[bor]

What's in it for the new investors ?

[drgp]

tony*t3 said:

Wow. Thats really rather cheap, isnt it....?

Umm, that depends on the Ts and Cs of the contract of purchase. AM isn't worth very much without the R&D of Jaguar to develop new modesl. If AM comes with a tie in to the R&D base then this could be a good deal. Without it, it looks a short term prospect at best.

[scotty_917]

Mr Whippy said:

scotty_917 said:

Mr Whippy said:

Yay!

Does this mean Ford might do something decent with Jaguar at last?

Good luck to Prodrive too... lets hope they carry on the good work!

Dave

nothing to do with Prodrive;...it's Dave Richards in a private capacity with investor backing!

Ah yes of course, but I'm sure he'll bring across what has made him succeed with Prodrive

Dave

Agreed!

[richb]

sdw2003 said:

paulpsz008 said:

Aston Martin back in F1 in 2008 then?

Errr... back in F1?? OK, so they entered in 1959 and 60 with the DBR4 and 5 but it was a disaster.

Indeed, and although, to my eyes, it was a lovely looking racing car it was unsuccessful and competed (I belive) in only 9 races whilst the DBR5 never even raced competitively! For all their success in Sports Car racing Aston Martin do not have a "track record" in F1... Rich...

[Jeremy E]

Excellent news. Now why couldn't he have bought TVR!?

[lone granger]

Jeremy E said:

Excellent news. Now why couldn't he have bought TVR!?

-- I was just about to type the very same words... - 'small change' to save one of UK's Great modern Marques - I am missing them already...-- what an UTTER waste.......................................