Shanghai Automotive Industry Corporation (SAIC) has bought the last remaining part of MG Rover - the Rover name - from BMW in a deal thought to be worth £11 million.
A BMW spokesman was unable to confirm the price, but told Autocar.co.uk: "We have a sales agreement in place."
The German manufacturer kept hold of the brand when it sold the rest of the company to Ford in 2000 and it is possible that the American giant could block the purchase as it has 90-day option on the name.
SAIC is said to have offered around 20 times more than its competitor Nanjing Automobile, which owns the Longbridge plant and is planning to restart limited MG production there. SAIC owns the intellectual property rights to the Rover 25 and 75 and is likely to use the newly acquired Rover brand to relaunch modified versions of these cars on the international market.
This means that for the first time since 1968, the MG and Rover brands will be in competition in the marketplace. For the news on MG, click here.