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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.

Radford Type 62-2 John Player Special takes the coach-built sports car even higher

Radford revealed its Type 62-2 a month ago, and today the coach-building company is releasing its first 62-2 variant. It’s simply called the JPS, short for John Player Special. YouÂ’d be able to guess that just by looking at the car, though, as itÂ’s completely done up in the traditional John Player Special black and gold livery. This JPS Type 62-2 isnÂ’t just a livery either. ItÂ’s the most extreme version of the car, even more so than the Gold Leaf version of the standard Radford that improves matters over the “Classic” model. Engine output sees a sharp turn upwards from 500 horsepower to 600 horsepower in the JPS. ItÂ’s still using the 3.5-liter supercharged V6 youÂ’d find in the Lotus Evora (an engine Lotus borrows from Toyota), but this one is heavily modified. Radford says it uses upgraded pistons, new connecting rods, camshafts and an upgraded supercharger. Plus, itÂ’s running a more aggressive engine calibration. Hauling it to a stop are upgraded brakes — Radford uses carbon ceramic rotors and AP calipers. New and larger carbon composite wheels (18-inch front and 19-inch rear) from Dymag are fitted and wrapped with Michelin Pilot Sport Cup 2 tires. Plenty of appearance and aero changes are made to separate the JPS from the other Type 62-2s. Radford says itÂ’s either lightly massaged or made big changes to every area of the bodywork. YouÂ’ll notice a giant new splitter up front, larger side air intakes to cool the more powerful engine and a more extreme diffuser in back to produce more downforce. WeÂ’ll also note that the JPS “livery” is not a sticker package; itÂ’s all painted on, requiring hours and hours of work by hand. Pricing for the JPS hasnÂ’t been revealed, but itÂ’s guaranteed to be expensive. This special model will be sliced out of the total production of Type 62-2s. Only 12 of the 62 total cars will be the John Player Special cars, so theyÂ’ll be incredibly rare — Radford says itÂ’s currently taking build slot applications, so you still have a shot at buying one. If you want to see the JPS in person, Radford says it will be on display at this yearÂ’s Goodwood Revival. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Race Recap: 2013 German Grand Prix is old beginnings, new endings [spoilers]

Just like at Silverstone last weekend, the German Formula One Grand Prix started with Lewis Hamilton putting his Mercedes-AMG Petronas on pole. The only thing missing at the pointy end of the grid was his teammate Nico Rosberg, who lined up beside him in England but back in 11th in Germany because of a team error in qualifying. So instead it was Vettel in the first Infiniti Red Bull in second, his teammate Mark Webber in third, the Lotus duo of Kimi Räikkönen and Romain Grosjean.
Again, just like at Silverstone - and Canada - Daniel Ricciardo used his magic beans to impress with the Toro Rosso, lining up in sixth, followed by Felipe Massa in the first Ferrari, Fernando Alonso in the second. Jenson Button in the McLaren, Nico Hülkenberg finished up the top ten.
When the lights went green, it didn't take long for the race to become a black-and-blue affair...