1988 Ferrari Testarossa on 2040-cars

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Race recap: 2015 British Grand Prix is a testament to timing

In front of his home crowd, Lewis Hamilton actually had to work for pole position at the British Formula One Grand Prix. The World Champion couldn't get on top of the setup for his Mercedes-AMG Petronas on Friday, lapping behind teammate Nico Rosberg and the two Ferraris. Come Saturday, after a few alterations and a whole lot of wing to clamp down on understeer, Hamilton returned to his regular program at the front, taking pole position by just over a tenth of a second from his teammate. Williams, thought to be headed for another stretch in the weeds a few races ago, showed its best strength all year. The Grove team got both cars on the second row and in front of the Ferraris, Felipe Massa qualifying ahead of teammate Valtteri Bottas, but they were eight and nine tenths behind the Mercedes'. Kimi Raikkonen out-qualified Ferrari teammate Sebastian Vettel for the second time this year, and only the first time in a straight-up battle with two healthy cars. But more than a second behind the two cars at the front, and with two nearly-impossible-to-pass Williams' in front, neither the Finn nor the German is happy with where they are. Daniil Kvyat claimed seventh, his side of the garage at Infiniti Red Bull Racing having got through the weekend to that point without a single complaint about their Renault power unit. Carlos Sainz, Jr. put a single Toro Rosso inside the top ten in eighth position, ahead of Nico Hulkenberg who did the same for Sahara Force India by slotting in ninth. The second Infiniti Red Bull driven by Daniel Ricciardo did have an unspecified engine complaint – his car kept "bleeding power" on the straights – but even so he managed to qualify tenth with his second-fastest lap. The stewards deleted his best lap because he ran three centimeters outside the track limits at Copse, an infraction that stung a few other drivers as well. Up in front, what would sting the Mercedes-AMG Petronas drivers the most was the start. That's when a dearth of grip struck both Hamilton and Rosberg, allowing Massa and Bottas to slide right up the middle between them and take the first two places. The leapfrogging was so surprising that it looked like the Mercedes drivers were giving the Williams drivers a head start. They diced through the first corners, Hamilton sliding past Bottas into second place halfway through the lap. And then the safety car reported for duty.

Jules Bianchi was supposed to replace Raikkonen at Ferrari

Formula One lost one of its budding talents when Jules Bianchi sadly succumbed to his injuries just days ago. But few knew just how promising his future looked prior to the crash that ultimately took his life. Luca di Montezemolo did, though. In a tribute written for Italy's Gazzetto dello Sport, the former Ferrari chairman revealed that Bianchi had been earmarked to eventually replace Kimi Raikkonen. "Jules Bianchi was one of us," wrote Montezemolo. "He was a member of the Ferrari family and was the racing driver we had chosen for the future, once the collaboration with Kimi Raikkonen came to an end." The news may come as something of a surprise, but doesn't come entirely out of left field. Bianchi had been part of the Ferrari Driver Academy development program. He rose up through the ranks of the feeder formulae largely with ART Grand Prix, the team run by Nicholas Todt, son of the former Ferrari chief and FIA president. He served as a test driver for the Scuderia in 2011, and scored his first and only F1 championship points driving a Ferrari-powered Marussia at the 2014 Monaco Grand Prix. He stood in for Kimi at Ferrari during a test session at Silverstone (where he was pictured above), but tragically crashed during the Japanese Grand Prix, and finally succumbing over this past weekend to the injuries he sustained in the collision nine months prior. Bianchi "would be the one driving for Ferrari after the experience in GP2 and after some fine performances in F1 and in some tests that had our technicians very impressed," wrote Montezemolo. "A bitter destiny has instead taken him away from us, leaving an indelible mark and a great pain inside us." Bianchi is scheduled to be interred on Tuesday in the French Riviera city of Nice, just down the coast from where he made his mark last year. And, in a touching tribute, the FIA has said it will retire the number 17 from the F1 World Championship. The tragic loss leaves Ferrari searching for another driver to replace Raikkonen. The Finnish driver won the championship for Maranello in 2007, was shown the door in 2010, returned to F1 with Lotus in 2012, but has struggled to find his form again. Last season he finished a lamentable twelfth, but has shown better form this season with a second-place finish in Bahrain to sit fifth in the standings. Now 35 years old, Kimi is one of the older drivers on the grid.

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.