In the late 1960s, Rolls-Royce became hopelessly crippled by the mismanaged development of its advanced RB211 jet engine and the consequent cost over-runs, though it ultimately proved a great success. In 1971, the owners were obliged to liquidate their business. The useful portions were bought by a new government-owned company named Rolls-Royce (1971) Limited which continued the core business but sold the holdings in British Aircraft Corporation (BAC) almost immediately and transferred ownership of the profitable but now financially insignificant car division to Rolls-Royce Motors Holdings Limited, which it sold to Vickers in 1980. Rolls-Royce obtained consent to drop 1971 from its name in 1977.