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.