The former Government Minister who helped the Phoenix Four buy MG Rover has insisted he did the right thing.
Stephen Byers, a former Trade and Industry Secretary, said he welcomed a House of Commons inquiry into the sale.
Mr Byers encouraged BMW to sell MG Rover to Phoenix Venture Holdings for £10 in 2000.
But some critics have blamed the four Phoenix directors, led by John Towers, for the collapse of the Birmingham car manufacturer last year.
Earlier this week, the House of Commons Trade and I ndustry Committee announced an inquiry.
Mr Byers said yesterday: "I welcome the select committee inquiry - far too many people have been trying to rewrite the history of what happened at Longbridge.
"This will provide an opportunity to demonstrate why the Government's approach at the time was the right one.
"We were able to maintain thousands of jobs in the medium term without a penny of public money, while providing financial support to enable the engineering sector particularly in the West Midlands to diversify."
Alchemy Partners emerged as the initial front-runners to buy Rover when BMW announced it was selling the company in March 2000.
It planned to develop the MG marque, turning Rover into a prestige niche car maker and drastically reducing the Longbridge workforce.
But unions were fiercely opposed, and support grew in the region for a rival bid from the Phoenix consortium.
Mr Byers, the then Trade and Industry Secretary, helped arrange talks between Phoenix and BMW which led to a deal being signed.
When Rover collapsed, the Phoenix directors were attacked by his successor, Patricia Hewitt.
In April last year, she demanded the directors pay back some of the millions they were said to have made from Rover.
She said at the time: "We know that the directors have had at least £40 million, and I hope they will make a personal contribution towards support-ing the workforce now."
Mr Byers is no stranger to controversy. He was forced to resign from the Government three years ago, when he was Transport Secretary, after opposition critics accused him of lying to Parliament, a charge he denied.
Northfield MP Richard Burden, whose constituency includes the Longbridge site, also welcomed the inquiry and repeated his offer to give evidence.
The Labour MP held a series of private meetings with the Phoenix directors in the months leading up to Rover's collapse.
He said: "My offer to help the committee with evidence is obviously still there."
The Commons committee is chaired by MP Peter Luff (Con Mid Worcestershire).