MG Rover's chairman John Towers has said the company can survive as an independent carmaker.
In a report in today's FT, Mr Towers said had now reversed his opinion at the time the Phoenix consortium, which he fronted, bought Rover from BMW, that the company could only survive in the longterm if it was bought by another car maker.
He is quoted as saying: “I was of the view when we did the deal that probably the best outcome was a big car company collaboration. I am no longer certain that is right.”
MG Rover is due to make a financial statement on May 9.
MG Sport & Racing has been formed to manage the MG motorsport programmes, engineering development programmes for its motorsport vehicles and the specialised road-going MG products that will evolve from them and the performance parts and merchandising activities of the MG sporting image.
MG Rover's director of product development and managing director of MG Sports & Racing, Rob Oldaker said: “We have created a new sub-brand, called 'MG X Power' to bind together and symbolise all of MG Sport & Racing's activities. “
The flagship MG racing project is the Le Mans 24 hour sports car race. The company has also announced it will compete in the British Touring Car Championship and rallying.