Connection With MG
In the summer of 2000, After BMW had sold the MG Rover Group to the Phoenix Consortium, Bruce Qvale contacted one of the Consortium directors, Nick Stephenson, and proposed forming a European distribution deal for the Qvale Mangusta. Soon after, Stephenson and his colleagues began to consider the possibility of using the Mangusta platform to develop a high-performance halo car to grow the MG brand.
On February 28, 2001, Stephenson and his colleague Peter Beale began negotiations with Qvale Modena to purchase Mangusta production assets. A contract was drawn, and on June 19 of that year, the announcement was made that the deal was complete (with account reports indicating that the price was £7 million.)
Under the MG Rover group, the Qvale Mangusta platform was developed into the MG XPower SV.
Read more about this topic: Qvale Mangusta
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