Prodrive Founder buys Aston Martin

One of the UK’s oldest automotive marques has changed hands for US$848 million. Aston Martin, founded in 1913 and most recently owned by Ford, has been sold to rally driver and founder of prodrive David Richards plus several smaller stakeholders. Ford retains a minority shareholding in the carmaker.

Mr. Richards, who has been described as the ‘Richard Branson of motorsport’, has made his investment in a personal capacity. “This is an incredible opportunity – Aston Martin is one of the world’s most iconic brands,” he told the BBC. “We are confident we now have all the right ingredients to take Aston Martin to even greater heights.”

The money gained from the sale of Aston Martin is a welcome cash injection for Ford, who posted a record US$12.7 billion loss in 2006 and in their key home market have been accused, according to one analyst, of producing vehicles that “looked like poor imitations of Japanese cars.”