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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

Lamborghini Countach, Ferrari 512M and more immortalized as Lego sets

Lego has announced a slew of new Speed Champions sets, the ones based on actual licensed cars, for 2022. The latest batch includes a smorgasbord of supercars, from beloved classics like the Lamborghini Countach to yet-to-be-released promises like the long-awaited Mercedes-AMG One. There are seven cars in total, released in five sets.  Our favorite is probably the 262-piece Lamborghini Countach, based on a later LP500 variant. Not only does it tick the box of a childhood dream machine, but the angular shape of the real-life Countach lends itself well to being recreated in Lego bricks. Also, it's modeled in white rather than the typical red. Lego Speed Champions Ferrari 512M 1 View 6 Photos We also really dig the Ferrari 512M. It marked the last of Ferrari's V12 endurance racers, and even though it was soundly spanked by the Porsche 917, the cars are undeniably beautiful. The 291-piece Lego set does a great job of capturing its brutal wedge silhouette in brick form. Lego Speed Champions Lotus Evija 1 View 5 Photos Rounding out the single-car sets is the 247-piece Lotus Evija. The electric Lotus has a bit of a generic supercar look about it, but that's not entirely the fault of the Lego kit. Its dramatic vents can't really be replicated with the limited "resolution" of the Lego bricks. Its rear, with unique taillight-encircled air tunnels, is a bit more distinctive. Lego Speed Champions Aston Martin Valkyrie AMR & Vantage GT3 1 View 7 Photos In addition to the single car sets, there are two larger sets of two cars each. One is a 592-piece Aston Martin-themed pack that includes the Valkyrie AMR Pro and Vantage GT3. Again, it's a bit difficult to sculpt the cars' curvaceous lines out of straight-edged bricks, but the effort is admirable. The Valkyrie is probably the more successful of the two, as the Vantage would resemble a Corvette or Viper if it didn't have stickers to clarify the details. Lego Speed Champions Mercedes-AMG F1 W12 E Performance & Project One 01 View 9 Photos Last but not least is a twofer comprised of 564 bricks to build the Mercedes-AMG One and seven-time Formula 1 world champion Lewis Hamilton's W12 racer. In Lego's official product description the driver is not mentioned by name, but the number 44 gives it away. The model of the One indeed looks like a sharp supercar, but the blocky pieces don't exactly replicate the lines we've seen on camouflaged test mules.

Lotus next F1 team to collapse?

With the big post-season game of musical chairs finally over, the FIA recently released the final entry list for the 2015 Formula One World Championship. And while most of it is exactly as we've reported along the way (with Sebastian Vettel switching to Ferrari and Fernando Alonso moving to McLaren), the list does have a couple of small surprises. Reigning champ Lewis Hamilton, for example, has opted to race under his own Number 44 instead of the Number 1 to which he is entitled, but it's the asterisks that are raising some eyebrows. Both the Caterham and Marussia teams (the latter listed as Manor Grand Prix Racing Ltd, the name of the racing outfit that technically owns the entry slot) are listed as "subject to confirmation," and while Caterham (unlike the liquidating Marussia team) is still fighting to recover in time for next season, its tentative listing comes as no big surprise. What is a surprise, however, is the inclusion of the Lotus F1 Team with the same caveat, prompting speculation that the Enstone-based outfit might not make the grid next year. Those schooled in F1 history will know that the Lotus team of today shares little in common with the British sports car manufacturer and engineering consultancy of the same name, or with the historic F1 team that previously raced under that banner. It started out as Toleman (the team with which Ayrton Senna got his start) before being bought out by Benetton (where Michael Schumacher won his first two World Champion titles). It was then taken over by Renault (where Alonso won his two titles) before Genii Capital took over and fostered a relationship with Lotus that allowed it to use the name. In a final breaking of ties with Renault, the team is switching to Mercedes power for next season. The Enstone team has struggled recently, however. From the title-winning operation it once was, Lotus dropped down to eighth place in the 2014 Championship, failing to land on the podium (let alone win a race) even once this season, suffering a dozen DNFs out of nineteen grands prix. Without factory backing, the team has struggled financially as well, and without an injection of funds, it could drop off the entry list altogether.