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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.

A Lotus Super Seven shows what simple beauty means

Roadgoing sports cars don't get much more pure than the Lotus Seven. With no roof or luxuries of any kind, this is quite possibly the car that exemplifies better than any other Lotus founder Colin Chapman's ethos of "simplify, then add lightness." Geoff Wise owns a 1963 Lotus Super Seven, and he shows why the car's uncluttered layout works so well, as you'll see in Petrolicious' latest video. Petrolicious often profiles people who take a classic car and upgrade it into a vintage racer one piece at a time. Wise did the exact opposite, though. He bought his Seven as a track car and converted it to work better on the road. For example, the engine now runs on pump gas, but it still has plenty of power. The bored and stroked 1.7-liter four-cylinder has a claimed 120 horsepower, which is more than adequate in the 1,000-pound Lotus. Wise says the Seven gets tons of attention when he goes for a drive, especially from kids. It's easy to understand why. In a world of crossovers and active safety systems, seeing a car that's so basic is transfixing. Enjoy watching the little Lotus on the road in the latest clip from Petrolicious. If you don't have the space for one in the garage, there's at least the option of the upcoming Lego kit for your bookshelf. Related Video:

Lotus Evora, Exige, and Elise add lightness to Geneva

The folks at Lotus have been quite busy over the past few months adding lightness to their vehicles. Since December, the company has introduced lighter, quicker versions of the Evora, Exige, and Elise, and all three members of the trio are present at the 2016 Geneva Motor Show. Each one is special in its own way, but if you crave a nimble sports car, you probably wouldn't be disappointed with any of these new models. The Evora Sport 410 is the most luxurious member of the bunch, at least by Lotus standards. At 2,921 pounds, it's also the heaviest, but a 410-horsepower 3.5-liter supercharged V6 makes this one the most powerful, too. The coupe can rocket to 60 miles per hour in 3.9 seconds and to a 186-mph top speed. Lotus will make just 150 of these special Evoras per year, and they'll have carbon fiber parts for the roof, tailgate, sports seats, and more. Best of all, this will be the only one of these three that will get a North American version. The Exige Sport 350 Roadster is the coolest member of this group, featuring tartan seats that we absolutely love. It's also the quickest of the three, reaching 60 mph in just 3.7 seconds, and it tops out at 170 mph. The rapid sprint is possible because the 345-hp 3.5-liter supercharged V6 only needs to push 2,480 pounds. The Elise Cup 250 rounds out the group with the lightest weight at 2,053 pounds (2,030 pounds with the optional Carbon Aero Package) but the least power at 243 hp. However, it certainly isn't slow with a 60-mph run in 3.9 seconds and a top speed of 154 mph. Lotus plans to make just 200 of them year each year. If you could pick any one of the three, which would you choose? The Evora might be the most livable every day but chucking around the Elise could be a barrel of fun. There're also those fantastic seats in the Exige. Let us know in Comments which one you want the most.