MG TF now in Chinese hands
News emerged Friday that MG Rover has sold the rights to the MG TF sports car -- almost by accident -- to the Chinese car company SAIC. This can only reduce its value to potential buyers, who have until Wednesday to submit final bids and pay a 10 per cent deposit, as the TF was seen as one of MG Rover's most valuable assets. The news emerged on Friday.
It appears that last year the Shanghai Automotive Industry Corp paid £67m for the rights to most of Rover's cars and engines while the TF and SV supercar were supposedly not included in the deal.
According to the Patent Office's register of designs, however, ownership of the TF was in fact switched to SAIC last September, with the Chinese company listed as the owner in last week's register update.
And the entry in the register counts as proof of ownership of a design according to a Patent Office spokesman. SAIC is the legal owner and to reverse the transfer will need its permission. SAIC said it was investigating the matter.
There is hope for those who want TF production to stay in the country, as SAIC had said that it was not interested in either TF or SV because there is no market in China for such vehicles, and so did not want to pay for the rights to those cars.
The design transfer, apparently by mistake, has now thrown the sale of MG Rover, which collapsed in early April, into confusion. PwC, administrator of the company, has been trying to sell the TF with the MG brand.
By Friday night, PwC, administrator for the failed company, had so far declined to comment.