Austin Healy 3000 1963 250

The Financial Times reported Thursday that Nanjing Automobile, the Chinese company that bought the assets of MG Rover, has agreed to sell the Austin-Healey brand to a team of ex-managers of MG Rover, operating as GB Sports.

The two parties have signed a memorandum of understanding concerning the deal, but they are still a long way from completing negotiations.

Ultimately, Nanjing and GB Sports hope to finalize a joint venture to build the MG TF and ZT at the idle Longbridge manufacturing plant, and to import other models from Nanjing's Chinese factories. GB Sports would have an independent business building sports cars, some of which would presumably carry the famous Austin-Healey badge, last used in 1968.

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