Cash-strapped Ford Motor has sold a controlling stake in the Aston Martin brand, made famous by its exotic sports cars in James Bond movies, raising $848 million to help fund its turnaround plan.
Aston Martin now will be run by a consortium of investors, including racing mogul David Richards, John Sinders and Kuwaiti firms of Investment Dar and Adeem Investment.
Ford officials announced the sale Monday at Aston Martin's headquarters in Gaydon, England. The sale is expected to close in the second quarter.
Ford will retain a $77 million stake in the company. That values all of Aston Martin at $925 million.