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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

Lotus hiring 100 after securing lb100m investment

Lotus is getting a shot in the arm courtesy of corporate parent DRB-Hicom, which has announced a 100-million pound ($152.3M USD at today's rates) investment in the Hethel, UK-based manufacturer. The troubled brand was also in the news last week, with DRB announcing a new, three-year plan that would see variants of existing models introduced.
The money will create 100 new jobs in Hethel, with 45 new engineers, 40 manufacturing operatives and 18 university grads joining the team. Lotus has already seen an uptick in sales this year, according to a Norfolk-based news site, with 40 to 45 cars being produced per week and 722 road cars and 45 race cars sold between January and May. Even sales in the UK have seen a big jump - Lotus only moved 70 units in 2012, but it's already sold 80 cars in the first half of 2013.
Better yet, Lotus is citing an increased demand for its cars around the globe as the motive behind the new hires. While still quite uncertain, Lotus looks like it might finally be on the right track.

Yeah, it's more than 10 better | 2018 Lotus Evora Sport 410 Quick Spin

Doesn't it drive you crazy when you get a new toy and within weeks they announce a new, improved version? That's exactly what Lotus has done with the new Evora 400. Just as this two-plus-two coupe is wowing US buyers with its combination of light weight and old-school ride and handling, those sneaky devils have gone and produced a lightweight, sport version. Your correspondent attended the launch to test the waters, but in the process found that you'll still have time to enjoy your stock 400 model, since the Sport won't be gracing US shores before next summer – Lotus still has to engineer its lightweight construction for US safety regulations. And will you then want to swap for one at a likely price in excess of $105,000? Read on. Not if you plan to carry the kids, since the new Sport 410 is now strictly a two-seater. The vestigial rear perches, along with the air conditioning, stereo wireless, rear bulkhead glass, sound insulation, door trims, and even the mud flaps have been jettisoned to reduce mass. As a result, you can't see much out of the rear-view mirror except carbon-fiber stays. Other weight-saving measures include new carbon-fiber panels for the roof, rear deck, and front and rear panels. There's a new lithium-ion main battery saving 25 pounds and an optional titanium exhaust system that's lighter and sounds saucier. Total weight saving is 154 pounds compared to the 400, which makes the curb weight a feather-like 2,923 pounds despite the addition of a new transmission oil cooler. It pushes itself into the ground harder, too. Aerodynamic tweaks such as the front splitter and rear spoiler increase downforce from 19 pounds to 40 at 100 mph and from 71 pounds to 141 at 150 mph. Lotus has tweaked its inlet-charge-cooled and supercharged 3.5-liter V6 Toyota Camry engine to yield 10 extra horsepower for a total of 410 (hence the name) at 7,000 rpm and 302 pound-feet of torque at 3,500 rpm. The 410 will hit 60 mph in 4.0 seconds with the six-speed manual, or in 3.9 with the six-speed automatic. Suspension adjustments include re-valved dampers and an effective spring-rate increase thanks to the lighter weight. The hydraulically assisted steering and AP Racing brakes with two-piece rotors remain the same, as does the geared Torsen-type limited-slip differential. The Sport runs on specially forged Magnesium lightweight wheels shod with Michelin Pilot Sport Cup 19/20-inch tires front/rear.