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Haas F1 names Esteban Gutierrez second driver

The 2016 Formula 1 grid is nearly complete with the announcement that Esteban Gutierrez will join the Haas F1 Team. To make the most of the signing the Mexican's appointment was announced during the Mexican Grand Prix weekend, and if the crowds at the grand prix are anything to go by then Haas can count on an instant and large fan base as of right now. The 24-year-old Gutierrez will drive alongside Romain Grosjean, who was announced at the end of September at Haas' US base in Kannapolis, North Carolina. Gutierrez spent a little more than two years as a test and reserve driver for Sauber, plus another two years as a Sauber race driver in 2013 and 2014 before being let go at the end of last year and signing on as a Ferrari test and reserve driver. Haas' relationship to Ferrari and Gutierrez' local fans made him - politically, at least - a viable candidate. Manor is expected to be the only team that might have vacancies, but with recent upheavals there it's yet to be seen if they'll make the grid next season. The press release below has more information on the Haas F1 Team signing. Related Video: Haas F1 Team Names Gutierrez to 2016 Race Seat MEXICO CITY (Oct. 30, 2015) – In a press event inside the main lobby of the Soumaya Museum, Haas F1 Team founder and chairman Gene Haas named Mexican driver Esteban Gutierrez to a race seat with his team when it makes its 2016 debut in the FIA Formula One World Championship. Gutierrez will race alongside driver Romain Grosjean, who was previously announced by Haas on Sept. 29 in a press conference at the team's U.S. headquarters in Kannapolis, North Carolina. Haas F1 Team is the first America-led Formula One team in 30 years. The 24-year-old Gutierrez is currently the third driver at Scuderia Ferrari, the technical partner of Haas F1 Team. Gutierrez joined Scuderia Ferrari in 2015 after spending the 2013-2014 seasons with the Ferrari-powered Sauber F1 Team. "I got to know Esteban through our relationship with Ferrari, and after looking at the success he's had to earn his role there, it became clear he was an excellent choice for our race team," Haas said. "He's young and hungry, but not inexperienced. His two years running a full F1 schedule has given him some very good race experience, and having spent this season at Ferrari as their third driver allowed him to see firsthand the methodology that makes Ferrari such a power in Formula One. "We're very happy to have Esteban as a part of our race team.

Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced Monday that it is borrowing about $2.6 billion to finance its spinoff from Fiat Chrysler Automobiles. Here's how it breaks down: Ferrari NV, the automaker's parent company based in the Netherlands, is taking out loans totaling 2.5 billion euros. That's equivalent to $2.64 billion at current exchange rates, and is divided between a term loan of $2.12 billion and a revolving credit facility of $529 million. The larger term loan "will be used to refinance indebtedness owing to Fiat Chrysler Automobiles," among other purposes. That ought to constitute the lion's share of the $2.38 billion which the Prancing Horse marque was, according to reports last year, slated to pay its current parent company in order to help FCA fund its ambitious growth plans. The separate line of credit is earmarked "to be used from time to time for general corporate and working capital purposes of the Ferrari group." Though Ferrari is not expected to take any other Fiat Chrysler properties with it, the "group" in this case would include its various financial services and distribution arms around the world that may have been separately incorporated. As noted in the statement below, the financial arrangement "represents a further step towards the separation of Ferrari from the FCA Group," following the separate stock issues from both companies as independent from each other. FERRARI N.V. SIGNS ˆ2.5 BILLION SYNDICATED CREDIT FACILITY Ferrari N.V. (NYSE: RACE) ("Ferrari") announced today that it has entered into a ˆ2.5 billion syndicated loan facility with a group of ten bookrunner banks. The facility comprises a bridge loan (the "Bridge Loan") and a term loan (the "Term Loan") of ˆ2 billion in aggregate and a revolving credit facility of ˆ500 million (the "RCF"). Proceeds of the Bridge Loan and Term Loan will be used to refinance indebtedness owing to Fiat Chrysler AutomobilesN.V. (NYSE: FCAU) ("FCA") and other indebtedness and for other general corporate purposes. Proceeds of the RCF may be used from time to time for general corporate and working capital purposes of the Ferrari group. The Bridge Loan has a 12 month maturity with an option for Ferrari to extend once for a six-month period. Ferrari intends to refinance the Bridge Loan prior to its maturity with longer term debt, including through capital markets or other financing transactions. The Term Loan, which comprises a majority of the total facility, and the RCF each have a maturity of five years.

Latest Forza Motorsport 5 car pack leaves us scratching our head (in a good way) [w/video]

As we scrolled down the roster of the latest car pack for Forza Motorsport 5, the Hot Wheels Car Pack, our expression became bemused over the strange mix of vehicles that we now have at our disposal. This is quite unlike any of the other sets of DLC Turn 10 Studios has offered. Sure, there are the typical headliner cars – the Lamborghini Veneno and 2015 Audi S3 – that will appeal to the mainstream racing fan or auto enthusiast. But this latest car pack is so jammed full of nuggets of automotive weirdness that it's hard not to get excited. The Hot Wheels pack has no shortage of racers, with a particular focus on historical offerings. A 1939 Auto Union Type D covers the pre-war era of Formula One, while a 1967 Lotus 49 and a 1952 Ferrari 375 represent post-war racing. For a modern twist, a Mazda USF2000 car slots in below the Indy Lights car from the Nurburgring booster pack. From here, things get vintage and weird. There are a pair of delightfully offbeat coupes, in the form of a 1974 Toyota Celica GT and a 1973 Ford XB Falcon GT (here's hoping we get a vintage Holden Monaro in the future). Those two are joined by a 1956 Ford F-100, which your author already plans on converting into a dragster with vinyl flames down the side (because that's what all vintage pickups should be). The new ride we're most excited about, though, is the 1983 GMC Vandura G-1500. Yes, that's the van from The A-Team, and we're sure it will prove to be an excellent canvas for the artists of FM5 to cover with airbrushed, fire-breathing unicorns and mystical, gray-haired wizards (or just poorly painted letters that read "Free Candy"). This latest car pack is the final monthly car pack for FM5, although Turn 10 is quick to point out that while the monthly updates are over, there will still be new batches of cars made available to gamers. As for the Hot Wheels pack, it's available now on Xbox Live for $9.99. Scroll down for the press release from Turn 10 Studios, as well as a video of the newest additions to Forza Motorsport 5's vehicle roster. Forza Motorsport 5 Hot Wheels Car Pack Now Available Turn 10 Studios is bringing the Hot Wheels® Car Pack to "Forza Motorsport 5," available for download today. The pack features a collection of vehicles built from the ground up for the new generation that car fans can collect and customize while putting their virtual driving skills to the test.