Jaguar and Land Rover have an estimated pension deficit of more than $2bn (€1.3bn), meaning that Ford is likely to have to pay any buyer to take the British luxury car brands off its hands, people close to the situation said.

Ford, which is in discussions with both industry and private equity companies over a sale, is expected to sell the loss-making operations in a deal valuing them at more than $2bn. But with Ford likely to retain a significant minority stake, the value to the US company of any sale would be more than swallowed up by the pension shortfall.

Just as Germany’s Daimler injected more funds into Chrysler than it received from Cerberus Capital Management in its buy-out of the US brand, the sale of Jaguar and Land Rover is expected to include big contributions from Ford.

Ford received financial offers from at least six carmakers and private equity groups last week, and heard detailed bid presentations at the weekend.

The US carmaker this week selected Indian vehicle makers Tata Motors and Mahindra & Mahindra, and buy-out group One Equity Partners – whose bid is spearheaded by former Ford chief Jac Nasser – for detailed negotiations.

However, people close to the sale process describe it as fluid and say the field could change, as Ford attempts to maintain competitive tension in the ­auction.

Ford is not commenting on the sale, but is expected to give a brief progress update with third-quarter earnings Thursday.

Demands from pension trustees for big cash injections have become a feature of buy-outs, particularly in the UK, where the issue has torpedoed deals such as the Qatar Investment Authority’s offer for J Sainsbury.

“The price is an enigma,” one person close to the sale said. “It’s a function of the value you put on the pension liability, on long-term prices for engines from Ford, working capital requirements and representations on plant closures.”

If investment-grade Tata wins the auction, the pension trustees could find themselves owned by a company with a better credit rating than junk-rated Ford.

The US group also wants any buyer to find a partner to create a financial services arm for Jaguar and Land Rover, which rely on Ford’s in-house financing arm. Cerberus, among the bidders, could become involved later, as its GMAC financing unit would be an obvious partner.

Ford has privately given bidders assurances it will continue to offer a degree of support for the brands.