Ford tried to buy Ferrari in 1963 in a move that Enzo Ferrari approved and later backed out of at the last moment.

Ford’s owner and then CEO, Henry Ford, spent considerable time and energy researching the company and doing his due diligence. According to Forbes, Enzo Ferrari found a clause in the purchase contract that would give Ford control over the Ferrari racing team—and he wasn’t going to let that happen.

After the deal ended, Henry Ford founded Ford Advanced Vehicles in 1963 and later commissioned Shelby American and Holman & Moody to work with the company. Their goal was to build the best Ford race cars capable of rivaling Ferrari at France’s Le Mans 24-Hour race. Ford gave up on this front after two years of unsuccessful trial and error.

But Ferrari was sold eventually—just not to Ford. In 1969, Ferrari sold 50% of the company to Fiat. After Enzo passed n 1988, Fiat bought another 40% of the company, while the remaining 10% was left to Enzo’s son, Piero Ferrari. In 2005, 5% of Ferrari was purchased from Fiat, which became part of the Chrysler Automobiles (FCA) group. Currently, Ferrari is owned by a multinational automotive conglomerate, Stellantis.

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