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Lotus F1 team $186 million in debt

The Lotus F1 team has fallen on some hard times. Majority-owned by investment firm Genii Capital and having little to do with the British automaker with which it shares its name, the Enstone-based outfit has been widely reported to be in serious financial trouble. The extent of those difficulties were until now unknown, but a new report from Germany's Auto Motor und Sport reveals that the team is in the red to the tune of £114 million - equivalent to $186 million at today's conversion rates.
The lack in cashflow is widely believed to have been the impetus for Kimi Raikkonen's departure from the team in order to return to cash-rich Ferrari, and was one of the major factors in selecting Pastor Maldonado to replace him instead of a more proven and accomplished driver of Raikkonen's caliber. Maldonado brings with him major sponsorship funds from Venezuelan state oil company PDVSA. In speaking with the German publication, however, Lotus F1 chairman (and Genii co-founder) Gerald Lopez revealed that the lion's share of the team's debt - £80 million or $130 million - is with Genii Capital itself, a negative balance that isn't likely to affect the team's day to day. That leaves about $56 million which the team owes to outside parties, including Raikkonen, who has yet to receive the full pay he was contracted for.
The team has opted to sit out the first test session of the Formula One season at Jerez. Its 2014 chassis isn't ready and, given the relatively cold temperatures at this point in the year, the team wouldn't expect to learn much about tire performance and degradation. As far as the new engine goes, Lopez says that any knowledge gleaned by Red Bull, Toro Rosso and Caterham at the test session will ultimately be shared with Renault and through it back to Lotus as well. Lotus engineers helped develop the new KERS system with Renault regardless, so the team already has the energy-recovery data it needs. The team will instead prepare for the second test session in Bahrain, by which point it aims to have its new car ready to kick off the season. Lopez says that it has secured the funding to offset its costs for the season ahead, and that it is working to pay down its debt.

Jay Leno goes old school with 1966 Lotus Elan 26R

On the latest episode of Jay Leno's Garage the guest's are both from inside the garage: the man they call Professor Jim Hall, Leno's master fabricator, and the 1966 Lotus 26R that he spent 18 months building. The Elan 26R was the racing version of the Elan that Lotus founder Colin Chapman began building after watching privateer teams prep their roadgoing Elans for competition duty all over Europe. Built by the factory from 1964-1966, drivers like Jim Clark and Jackie Stewart won silverware in the roadster called "the giant killer."
Hall, a veteran Lotus wrench, started with the 1966 Elan street car and turned it into a 26R that's arguably better than the factory original. Except for the engine block and head, original 26R body and Elan chassis, just about everything is custom built, highly modified or special order, from the fabricated oil pan, brake lines, safety wiring and oval exhaust tubing to the six-speed sequential transmission.
The episode is an unusually-long 21 minutes because, as an in-house build, Leno can go through the process of putting the whole roadster together. When he takes it for a drive and keeps going on about how it sings, you can hear it, too. It's worth the time to check out Mr. Hall's Opus in the video below.

Lotus could build production versions of Renault Alpine, Infiniti Emerg-E

As with one of those blockbuster three-team NBA trades that actually improves the fortunes of every team involved, a report in Autocar indicates that Renault, Infiniti and Lotus are in talks that could benefit both manufacturers and enthusiasts. Renault is considering a production version of the devil-in-blue Alpine A110-50 concept but has said that it "probably needs more than the Renault-Nissan Alliance on its own." Enter Lotus, whose Evora platform could supply the running bits for the mid-engined Alpine revival.
That same Evora platform, in range-extended 414E concept form, is the basis for the Infiniti Emerg-E concept. Even though a decision hasn't been made on the Emerg-E's production, it is still being developed and the company has admitted that it "could be built in Britain." For its part, Lotus has said that it's ahead of schedule on the Evora 414E, with its 408 horsepower, 738 pound-feet of torque and 30-mile electric range. Development funds from both Renault and Infiniti could help make all three cars a closer possibility.