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Lotus F1 Team promotes Joylon Palmer for next season

After letting its longtime protege Romain Grosjean go to the Haas F1 team, Lotus has named his successor for next season. Driving for the team as it transitions back to being the Renault factory outfit will be one Jolyon Palmer, the current reigning GP2 champion and possibly one of the best-poised drivers to make it into Formula One. The 24-year-old Brit has been steadily working his way up the formula racing ladder, winning races in Formula Two and GP2 over the past several years before winning the latter title last season. During that victorious campaign he also served as a test driver for Force India, before switching to Lotus this season and getting 10 grand prix practice sessions under his harness. Jolyon's own experience undoubtedly sealed the deal, but his upbringing surely put him in a prime position to make it in single-seater racing. He's the son of former F1 driver Jonathan Palmer, himself a past Formula Two champ before completing half a dozen seasons in Formula One. It's what the elder Palmer's been up to since leaving the grid, however, that's put the son in such a strong position. As head of MotorSport Vision, Jonathan Palmer controls five major racing tracks across the UK – including BrandsHatch, Outlton Park, Snetterton, Cadwell Park and the Bedford Autodrome. He also runs a couple of trackday programs, founded the now-defunct Formula Palmer Audi series and continues to operate the FIA Formula Two Championship, the BRDC Formula 4 Championship, and the British Superbike Championship. All of which gave young Jolyon plenty of room to run as he developed his career. Will that be enough to put the young Palmer in a position to win next season? Only time will tell. But he arrives at a pivotal time for the team, which is expected to transition back from the privately held Lotus operation to Renault's hands, running once again as the factory team – but saddled with an engine package that has been underperforming against the competition. One way or another, it ought to be an interesting time to be in Enstone. Related Video:

Lotus Type 66 is the Can-Am race car that never was

Most car reveals for Pebble Beach are all-new luxury and supercars, faithful recreations of classics, or some unique restomods. What Lotus has revealed isn't really any of those. The Type 66, while looking like a reproduction of a classic race car, is actually completely new, since it was never built in the first place. Apparently Lotus was considering entering the Can-Am racing series back in 1970, a time when the company was seriously competitive in Formula 1. A designer by the name of Geoff Ferris was put in charge, and drawings and models were made, but the project, called Type 66, never went any further. Those Type 66 designs survived, and to help celebrate the company's 75th anniversary, Lotus decided to bring the car to life. And the result is not exactly what it would've been built for 1970. The design is very similar, and the red, white and gold paint is what Lotus would've used. However, the body has been formed from carbon fiber (something that was definitely not used) and makes much more downforce thanks to more than 1,000 hours of aero development. Specifically, it can produce 1,764 pounds of downforce at 150 mph, more than the weight of the vehicle. The frame is more traditional, though, being made of extruded and bonded aluminum and aluminum honeycomb panels. The powertrain is a similar blend of vintage and modern. It uses a pushrod V8 of unknown manufacture, but with forged internals as well as modern fuel and engine management. It makes a huge 819 horsepower at 8,800 rpm and 550 pound-feet of torque at 7,400 rpm. It also has functional and classic-looking gleaming intake trumpets sticking out the back. Safety and features that are thoroughly modern are also included in the Type 66. It has electric power steering, ABS, a modern fuel sell, sequential manual transmission and an anti-stall multiplate clutch. Only 10 Type 66s will be built, one for every race in the 1970 Can-Am season. Each one will cost more than GBP1 million, or $1.27 million. And, unsurprisingly, it's for the track only. Related Video:

Renault will buy back Lotus F1 Team

Renault's relationship with Red Bull may be about to crumble, but the French automaker isn't calling it quits on Formula One altogether. Instead, Renault will cease being an engine supplier and instead acquire Lotus F1 to become a full-fledged manufacturer and team owner again. The long-anticipated deal will see Renault re-acquire the team currently known as Lotus F1 from present owner Genii Capital, an investment fund. Renault owned the team outright before selling it to Genii back in 2009. This move will see the Enstone outfit move back under Renault's roof – and hopefully get more resources than Genii could muster. Renault recently had to come to the team's rescue after an outstanding tax bill threatened to send it into bankruptcy. The deal will likely mean the end of the Lotus name in F1 once again, after the rights were hotly contested between this team and the now-departed Caterham outfit. The Enstone-based outfit will become Renault's principal team, just as Mercedes and Ferrari run their own teams and also supply engines to others. Over its various eras of ownership, the team has shown that it has what it takes to win, given the right drivers and resources. The question is whether Renault can get its engines up to speed again to catch up to its rivals. The partnership between Daimler and the Renault Nissan Alliance created speculation that the two could strike a deal in F1 as well that could see Renault running Mercedes engines in the future - just like the Lotus team currently does. F1 : SIGNATURE OF A LETTER OF INTENT BETWEEN RENAULT GROUP AND GRAVITY MOTORSPORTS S.A.R.L Renault Group and Gravity Motorsports S.a.r.l., an affiliate of Genii Capital SA, are pleased to announce the signature of a Letter of Intent regarding the potential acquisition by Renault of a controlling stake in Lotus F1 Team Ltd. The signature of this Letter of Intent marks Renault's first step towards the project of a Renault Formula 1 team from the 2016 racing season thereby extending 38 years of commitment of the brand to world's premier motorsport championship series. Renault Group and Gravity will work together in the coming weeks to eventually turn this initial undertaking into a definitive transaction provided all terms and conditions are met between them and other interested parties. Related Video: Featured Gallery Lotus Renault GP 2011 livery News Source: Renault Earnings/Financials Motorsports Lotus Renault F1 genii capital