A consortium led by Prodrive boss David Richards has bought luxury car maker Aston Martin, it was confirmed on Monday.
The buyout ends almost twenty years of Ford Motor Company's ownership of Aston Martin.
The consortium is led by Richards, American banker John Sinders, Investment Dar and Adeem Investment.
Ford could receive over 450 million pounds ($867 million) for Aston Martin, according to sources familiar with the situation.
Richards, whose team will make their Formula One debut next year, will be joining the board of Aston Martin as non-executive chairman in a personal capacity.
"This is an incredible opportunity - Aston Martin is one of the world's most iconic brands" said Richards. "We are confident we now have all the right ingredients to take Aston Martin to even greater heights."
Aston Martin sales rose by half last year to about 6,500 units.