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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.

Watch Evo pick its 2015 Car of the Year in this epic video

With just a few days left in 2015, it's the perfect time to check out Evo's annual Car of the Year test to determine the greatest performance vehicle of the last 12 months. The writers' picks for the 11 finalists spanned a breadth of engaging models and included: Peugeot 208 GTi by Peugeot Sport, Lamborghini Aventador SV, Seat Leon Cupra Sub8, McLaren 675LT, Porsche 991 GT3 RS, Porsche Cayman GT4, Honda Civic Type R, Ferrari 488 GTB, Chevrolet Camaro Z/28, Lotus Evora 400, and Mercedes-AMG GT S. For the venue to test the mettle of these performance machines, Evo stuck close to home this year and visited the twisting roads at the beautiful north coast of Scotland. Racing brothers Marino and Dario Franchitti also came along for the ride to provide two more voices in the competitive challenge to determine a winner. Evo's video explains why each model deserves to be among such rarified company but doesn't gloss over their faults either. There can be only one winner, though. We don't want to spoil it, so check out the clip for magnificent views of these performance machines through the Scottish countryside.

Lotus pulled 55 pounds out of the Exige and added power to create this Sport 380

The hard-core Lotus just got harder. Or maybe corier? Anyway, the Lotus Exige Sport 380 is the most extreme iteration of the Elise and Exige yet. It hits 60 mph in 3.5 seconds, has even more downforce than the Sport 350, and weighs a full 55 pounds less than that car if you opt for the lightweight exhaust. With a curb weight of 2,425 pounds, that weight reduction means something. Mass was pulled out of a variety of places on the car, including the front splitter, front "hood" insert, wing, and diffuser surround, all of which are rendered in carbon fiber and save a cumulative six pounds. Swapping the rear glass to polycarbonate reduces weight by two pounds, a lithium-ion battery in place of the standard one removes 23, the carbon racing shell seats cut 13, and lighter wheels and brake discs lower the total by 22. Lotus even messed with the lights on the back, going from four big ones to two and making do with smaller fog and reverse lights, saving just over half a pound. That optional titanium exhaust saves an additional 22 pounds. And it's not like the Sport 350 was a porker. As the name suggests, there's more power coming from the supercharged and heavily massaged 3.5-liter Toyota V6. The Sport 380 makes 375 horsepower and 302 pound-feet of torque, up from 345 and 295 in the Sport 350. The 380 accelerates to 60 mph in 3.5 seconds (down from 3.7) regardless of which transmission you choose, but we highly recommend the six-speed manual over the auto, if only for its fantastic and beautiful exposed linkage. Tweaks to the aero package keep drag in check while increasing downforce by about 60 percent over the Sport 350, for a total of 309 pounds at top speed. Which, if you're curious, is 178 mph for the manual, 170 for the auto. So another vote for the three-pedal version. We'll have to remain curious, though, because sadly the current Exige is still not available in the US in any form, nor will it be. But Lotus is working on a new one that should arrive in a couple years to join the rejuvenated Evora lineup – the fantastic Evora 400 and upcoming, fantasticker Evora Sport 410. Related Video: Featured Gallery 2017 Lotus Exige Sport 380 View 14 Photos Image Credit: Lotus Lotus Convertible Coupe Lightweight Vehicles Performance