David Richards to buy Aston Martin from Ford?
03/08/07 (GMM) It is understood that Prodrive, set to be F1's twelfth team in 2008, has been successful in its recently reported bid to buy Aston Martin. Backed by US and Middle East investors, Warwickshire based Prodrive's boss David Richards led a consortium that reportedly bid an estimated $900 million to buy the English car manufacturer from Ford. The ultimate price may have increased to as much as (US) $965 million, with a deal set to be announced on Friday at the Geneva auto show. Prodrive declined to comment, but Ford may have favored Prodrive's offer because the company already runs Aston Martin's racing program for sports cars. Aston Martin raced eleven times in F1 in 1959-60.
03/07/07 This rumor is upgraded to 'strong' today. Aston Martin, the favorite car of James Bond, may soon be under British ownership once more. The sport car company, currently owned by giant American company Ford, is likely to be bought next week by a consortium led by motor sport entrepreneur Dave Richards. Mr. Richards is the head of performance car specialists Prodrive and helps run Aston Martin's own racing team. Ford would not confirm any sale today but a motor industry source said: "It's pretty likely that this deal will go ahead next week and will be around £400 million to £500 million." Daily Mail
02/21/07 David Richards is working on a deal to buy Aston Martin. The bid is in league with yet-to-be revealed financiers, including an Egyptian investment bank. Aston Martin is being auctioned off by Ford, despite the fact that it is profitable. The company is based in a purpose built facility at Gaydon in Warwickshire, which is close to Prodrive's current headquarters and to the company's planned new site at the former Honiley Airfield at Wroxall. This will include an advanced engineering research and development campus, a conference facility called the Catalyst Centre and a test track.
The big question is whether the bid is linked to Formula 1 or whether Richards has decided to sell his franchise in the sport to help raise money for the Aston Martin takeover. The Aston Martin company is one of the most prestigious sports car brands in the world and has a strong sporting heritage, dating back to the very start of the firm in 1913. The company sold 4500 cars in 2005 but suffered a sharp drop in 2006 because of the weak dollar and. The buyers, however, believe that the overall trend is upwards as new regions become automobile buyers in the years ahead. In this respect a Formula 1 project would be an obvious bonus for the company. The Prodrive company already has close links with Aston Martin and builds racing versions of the cars and has a deal to allow it to build and sell road-going versions for customers. The DBR9 sports car has enjoyed some success on the tracks and is aiming for more. The bid is believed to be worth around $900m. Grandprix.com