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Carmaker Ford has agreed to sell its luxury sportscar business, Aston Martin, to a UK-led consortium.

The US firm said it had "entered into a definitive agreement to sell Aston Martin" to a consortium involving David Richards, John Sinders, Investment Dar and Adeem Investment Co.

Ford's move comes as the Michigan-based firm seeks to strengthen its financial position following its announcement of record losses last year.

Mr Richards is the founder of motorsport business Prodrive and is a former world rally champion. Mr Sinders is a US banker and Aston Martin enthusiast while the other two members of the consortium are Kuwaiti investment companies.

According to Ford, the deal values Aston Martin at £479 million ($925 million) and includes a stipulation for the US firm to retain a £40 million ($77 million) investment in the sportscar business.

"The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products," Ford president and chief executive Alan Mulally said.

"From Aston Martin's point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it has experienced under Ford's stewardship. Today's announcement is good for Ford, good for Aston Martin and good for the UK. We wish Aston Martin every possible success for the future."

Hopes are high that the deal will lead to new jobs being created at the UK-based firm.

Speaking ahead of the deal's confirmation, transport workers' union T&G said that the Prodrive deal should ensure the business was kept in Britain.

"The bid from Prodrive appears to best meet our criteria which is why we're looking forward to meeting with them at the earliest opportunity," said Dave Osborne, the union's national secretary for the car industry.

He added: "This is a good business with a skilled workforce and a new leadership with a background in the industry. It is, therefore, a good investment prospect for whoever backs it provided they back the workforce for the long term."

After completing the deal, Mr Richards will be joining the Aston Martin board as non-executive chairman.

"This is an incredible opportunity," he said.

"Aston Martin is one of the world's most iconic brands. We are confident we now have all the right ingredients to take Aston Martin to even greater heights."

Aston Martin was voted the UK's coolest brand in 2006 and its range of luxury cars are synonymous with fictional secret agent James Bond, who drives the vehicles in the 007 movie franchise.