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Ford nearly bought Ferrari for $10 million
Ford Goes Shopping
Henry Ford II, grandson of the company's founder, wanted Ford in racing to change its image, and Ford had almost no racing capability of its own. Word reached Ford through its German subsidiary of a letter from the German consulate in Milan: an internationally known Italian automobile factory was interested in selling. It did not take long to work out that the factory was Ferrari.
The asking price started at $18 million, and Ford negotiated it down to $10 million with surprising ease. The draft agreement created two companies. Ford Ferrari, 90 percent owned by Ford, would make road cars, and Ferrari Ford, 90 percent owned by Ferrari, would run the racing team.
The Deal Collapses
Enzo went through the fine print and saw the problem. If he wanted to race and Ford did not, Ford held the final say because Ford controlled the budget. He blew up the deal at the finish line, while the newspapers were already reporting that Americans were about to buy an Italian national treasure.
Henry Ford II was furious. In May 1963 he told his lieutenants that Ford would go to Le Mans and beat Enzo. With an unlimited budget, Carroll Shelby, the driver Ken Miles, and a crew of American mechanics, Ford did it in 1966, finishing first, second, and third.
How did Ford build a Le Mans winner from scratch?
Ford turned to Britain and hired Eric Broadley of Lola Cars, whose mid-engined Lola Mk6 GT coupe became the starting point. Ford Advanced Vehicles, based in Slough, England, developed the car, and Carroll Shelby's team took over its racing program in 1965. The finished car was called the GT40 because it stood only 40 inches tall.
Why had Ford stayed out of racing?
In 1957, the Automobile Manufacturers Association, a Detroit trade group, urged its members to stop supporting racing, and Ford said it would comply. Ford publicly dropped that policy in 1962. It then began promoting a marketing theme called Total Performance, which tied motorsport to showroom sales.
How long did Ford keep winning at Le Mans?
Ford won the 24 Hours of Le Mans four years in a row, from 1966 through 1969. The 1967 win came in the Mark IV, driven by Dan Gurney and A. J. Foyt. The 1968 and 1969 wins came in the older GT40 Mark I, run by John Wyer's team.
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