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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.

Race Recap: 2013 German Grand Prix is old beginnings, new endings [spoilers]

Just like at Silverstone last weekend, the German Formula One Grand Prix started with Lewis Hamilton putting his Mercedes-AMG Petronas on pole. The only thing missing at the pointy end of the grid was his teammate Nico Rosberg, who lined up beside him in England but back in 11th in Germany because of a team error in qualifying. So instead it was Vettel in the first Infiniti Red Bull in second, his teammate Mark Webber in third, the Lotus duo of Kimi Räikkönen and Romain Grosjean.
Again, just like at Silverstone - and Canada - Daniel Ricciardo used his magic beans to impress with the Toro Rosso, lining up in sixth, followed by Felipe Massa in the first Ferrari, Fernando Alonso in the second. Jenson Button in the McLaren, Nico Hülkenberg finished up the top ten.
When the lights went green, it didn't take long for the race to become a black-and-blue affair...

Jay Leno checks out Ronin RS 211, a Lotus Elise transformed

You know a vehicle is going to be something special when you need a pair of goggles to drive it, and this highly customized Lotus lives up to that promise. The owner refers to his one-off as the Ronin RS 211, but underneath that barely there body are a few parts left from a 2005 Lotus Elise. Owner Frank Profera totaled his Elise when a Porsche rear-ended it, but he wasn't willing to give the sports car up. With a canvas to build from, Profera took inspiration from the Lotus 2-Eleven and Can-Am cars, and the Ronin resulted. Not content with just a svelte body, the powertrain received just as thorough an upgrade as the looks. The engine still displaces 1.8 liters but features improved internals. The piece de resistance, though, is the custom turbocharger setup that runs on a mix of pump gas and alcohol to put out a claimed 680 horsepower, which sounds great screaming through the California canyons. "Ronin" is a Japanese word for a master-less samurai, and with its featherlight weight, just a vestigial windshield and gobs of power, the RS 211 is a fantastic automotive symbol for the type of sword such a warrior might carry. Watch as Jay takes an extra long drive on the latest episode of Jay Leno's Garage.