Thread: Rights to MG TF sports car "sold by mistake"
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Old Jun 22, 2005 | 03:48 PM
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Default Rights to MG TF sports car "sold by mistake"
Bidders for the MG sports car division of collapsed British automaker MG Rover could find their plans scuttled following revelations that Rover's management sold the rights to the MG TF roadster to Shanghai Automotive Industry Corp. (SAIC).

The MG TF was one of the few remaining assets of value that the receivers are trying to sell, and at least three consortiums have placed serious bids for the rights to build the car. But the Financial Times has revealed that the rights to the car were transferred "mistakenly" to the Chinese automaker along with the Rover 25 and 75 sedans.

The Financial Times report said details of the transfer of the brand had been listed at the U.K. Patents Office, and any attempt to reverse the situation would require the permission of SAIC — though receiver PricewaterhouseCoopers has questioned the legality of the transfer of assets to SAIC.

Meanwhile, the deadline for bids for Rover has been set for Wednesday, and already late bidders are starting to emerge. One company that may enter a last-minute bid is Geely, a fast-rising independent Chinese automaker. Geely Chairman Li Shufu was quoted in the Dongfang Daily on Monday as saying, "Our biggest interest is in Rover's mature technology, which is a considerable attraction for Geely in its current stage of rapid development."

What a mess! SAIC doesn't want MG. Maybe the Chinese will allow a "white knight" to ride in and save the British brand. In the end, however, it's MG enthusiasts who will pay — one way or the other.

http://www.edmunds.com/insideline/do...ticleId=106166
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