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Renault paid GBP1 to buy back its F1 team

Running a Formula One team is anything but cheap and straightforward, but it didn't cost Renault much to reacquire the Lotus team from Genii Capital. In fact, according to the latest reports, the French automaker paid just GBP1 – less than a buck fifty – for the privilege. Still, the process was deeply complicated. The reason Renault was able to get it so cheap is because the team was deeply in debt, part of which Renault will now assume. Less than a year ago, the team was said to be nearly $200 million in the red, and just a few months ago Renault came to its rescue to pay a $4 million tax bill to the British government. Under the terms of the new deal, Renault will assume the debt that the team's previous owners had accrued, but will be spared the nearly $150 million which its stakeholders loaned to the team. The history of the outfit based in Enstone dates back to 1981 when it was founded as Toleman Motorsport. French fashion giant Benetton bought the team in 1985, which in turn sold it to Renault in 2000. A decade later, after two world championship titles, Renault began stepping back its involvement in the team and gradually transferred ownership to investment firm Genii Capital, which has run it ever since under the Lotus name that it secured from the automaker under contract until 2017. Unable to fund a competitive team, Genii has now sold the team back to Renault, but the financial intricacies of the deal are far from straightforward. To start with, Genii and its subsidiary Gravity Motorsports (the team's parent company) didn't hold all the shares in the operation, so it bought back over 6 million shares from Whiterock Alliance to add to its own 60 million shares. The vast majority of those shares were then transferred (for that princely sum of GBP1) to Gringy (UK) Ltd, the shell company that technically owned the team in its Benetton days. Gringy (a wholly owned subsidiary of Renault) will hold a 90-percent stake in the team, with the last 10 percent remaining in Genii's hands and those of its investors. In the process, the outfit will now rejoin the likes of Ferrari and Mercedes among the F1 teams developing their own powertrains. Related Video: News Source: Motorsport.comImage Credit: Dimitar Dilkoff/AFP/Getty Earnings/Financials Motorsports Lotus Renault F1 genii capital

Next Lotus Elise to draw from its roots

Recently-appointed Lotus CEO Jean-Marc Gales told Autocar that work on the new Lotus Elise, which is coming in 2020, is already underway, and thanks to growing sales, the automaker is set to make a profit for the first time in 20 years. Gales also dropped some details about the new sports cars' design philosophy and underpinnings. According to the report, the new Elise will utilize the same aluminum chassis technology found in the original Elise and won't bear any resemblance to the 2010 Elise concept. Instead, the upcoming vehicle will uphold its roots with a lightweight design that emphasizes driver involvement at an affordable price. The new Elise is rumored to weigh in at roughly 1,984 pounds, almost 384 pounds more than the original Elise. In order to meet US crash ratings, the Elise will most likely be wider, but have the same length as the current model. Power will probably come from a Toyota unit producing between 134 horsepower and 245 horsepower. The Elise is expected to come to the US where it will be offered with a manual and automatic transmission, which will both come from Toyota as well. Gales claims Lotus has more orders now than in any year in the last 10 years, with the US being one of the automaker's most important markets. Related Video:

Lotus Type 130 electric hypercar confirmed for July 16 reveal

Lotus just formally announced that its electric hypercar will be revealed on July 16. It's called the Type 130, and it's confirmed for production at Lotus headquarters in Hethel, Norfolk. The name is derived directly from the production quantity, as Lotus is capping the car at just 130 units. This project is coming together at a rapid pace, as Lotus also says the first customer deliveries will happen in 2020. Meeting time goals for the production of EVs has proven troublesome for some manufacturers, so we'll see if Lotus is able to deliver in the next year and a half. The British sports car company has Chinese backing in the form of Geely now, so the funds to make this car happen appear to be there. Lotus says that it's had several hundred people express interest in buying the Type 130 since its confirmation at the Shanghai Auto Show. Of course, with only 130 slots available to buy the vehicle, we'll see how it all shakes out once Lotus announces what we expect will be an extravagant price tag. Hypercars, and especially electric hypercars, are never cheap. Lotus released a teaser photo that tells us next to nothing, but it is a photo of the car. The teaser video below is a bit more interesting with the "Hand Built in Britain By Lotus" emblem and the electric charge port hidden off to the left. It has an automatically closing door there, which doesn't exactly feel like Lotus' style. If something can be done mechanically to save weight, that's typically the path taken. We won't prejudge the car too harshly, though, as this represents an entirely new take on Lotus vehicles. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.