Aston Martin could be sold for up to $1bn

The buyer is tipped to be a consortium led by Dave Richards, head of the performance car specialists Prodrive, based in Banbury in Oxfordshire.

The price tag is likely to be between �400m and �500m ($770m to $965m).

Ford bought 75% of Aston Martin - best known for being James Bond's favourite car - in 1987, picking up the rest of the marque's shares six years later.

The American giant put Aston Martin up for sale six months ago, in response to its own financial problems.

Ford lost more than $12bn last year and has had to take out a $23bn mortgage to cover its restructuring.

Access to technology

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"They're laying off tens of thousands of workers and closing plants in North America so raising $1bn by selling Aston Martin is a quick hit for them to keep their shareholders happy", according to David Bailey, Professor of Economic Policy and International Business at Birmingham University.

While Ford is now only likely to get half the amount it was looking for, it is expected to retain a minority stake in the business.

If Ford was to keep some shares, it would also help the buyers retain access to the technology that drives the current models.

ASTON MARTIN HISTORY 1913: Founded by Lionel Martin and Robert Bamford 1975: Sold to American owners 1987: Ford buys 75% stake 1994: Ford takes full control 2005: Record 4,500 sales

Dave Richards is a former accountant who became a professional rally driver, winning the World Rally Championship as co-driver with Ari Vatanen in 1981.

His company, Prodrive, already runs the Aston Martin racing team in the sports car series around the world, as well as the Subaru world rally team. However Prodrive itself will probably not be involved in the consortium bid.

But with Prodrive due to enter Formula One racing next year and there has been speculation that the cars might be Aston Martin branded.