MG Rover had accidentally sold off the MG TF sports car brand

MG Rover had accidentally sold off the MG TF sports car brand

More confusion is in store for the people involved in the sale of the MG Rovers company. Financial Times has reported that the company accidentally sold off the MG TF Sports Car brand back in September last year to the China’s state-owned Shanghai Automotive Industry Corp. This is now a big problem considering MG TF happens to be the main asset of the MG Rovers company.

MG Rovers filed for bankruptcy earlier this year after failing to settle on a joint venture deal with the Shanghai Automotive Industry Corp. They have also clarified earlier this year that the company have little assets remaining now and the creditors would have little to recover from them. They were ready to sell the remaining assets to the SAIC.

The fall of the MG Rover Company has led to a situation where all the employees of the company have been laid off. This also affects the numerous component suppliers to the company. SAIC is said to have paid around USD 123 million for the rights to use the Rover range of cars and engines last year. However, the deal excluded the brands of MG Rovers like the TF sports car and the low-volume SV super car.

The problem now is that the latest report claims that British Patent Officer register of designs shows SAIC as the owner of the TF brand from the MG Rovers stable. PricewaterhouseCoopers is now responsible for selling the company and they are yet to issue any statement on these latest revelations. Now, any decision pertaining to most of the assets of the MG Rovers company would require permission from the legitimate owner, which is the Shanghai Automotive Industry Corp.