The De Tomaso deal announced several weeks ago has reportedly fallen through, with the company finding another buyer at a significantly lower price. La Repubblica reports that the storied Italian brand has been sold to China's Consolidated Ideal TeamVenture, which picked up the company for just 1.05 million euros, or approximately $1.17 million. The new deal was presented before a bankruptcy court judge in Italy this week.

The previous deal, which reportedly fell apart after the buyer was not able to fulfill its financial obligations, would have seen the company sell to L3 Holdings for 2 million euros, or approximately $2.1 million. Consolidated Ideal TeamVenture was reportedly one of the underbidders in the sale, along with the Italian Eos Group.

A lawyer for the buyer announced that Ideal TeamVenture plans to produce cars in China bearing the De Tomaso name. The holding company is incorporated in the Virgin Islands but keeps a physical office in Hong Kong.

News of the deal was received with much controversy in the Italian press and in the city of Turin, where 900 potential jobs are on the line. At the appearance of the buyer before the court, no statements were made regarding the future of De Tomaso's former workforce, many of whom have failed to find new jobs. La Repubblica commented that the former workers and their union treated the deal as a defeat when news broke. During the previous round of buyout talks, L3 Holdings was the only bidder to present a comprehensive plan that would include former De Tomaso workers who had been laid off.

The company founded by Alejandro De Tomaso entered bankruptcy most recently in 2012, after encountering similar financial issues in 2004 and 2008. After being purchased in 2009 by Fiat executive Gian Mario Rossignolo, the company publicized very ambitious plans involving a whole lineup of vehicles, including a crossover, a two-seater sports car and a limousine, of all things.

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