According to a leading news agency, Audi has finally agreed a deal to buy Ducati and will hand over £700m to cover the purchase and to covers debts of less than £165m tomorrow to the firm's major shareholder Investindustrial.

The news quoshes rumours that Valentino Rossi's big mate Lapo Elkann, who happens to be heir to the Fiat squillions, was on the verge of buying the Bologna factory to stop it falling into the hands of non-Italians.

Reuters are reporting that Audi, which is owned by Volkswagen, and Investindustrial may agree to withhold the exact purchasing price in the statement, which they plan to publish on the eve of VW's annual shareholders' meeting in Hamburg.