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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 introduces Certificate of Provenance program

Lotus is diving into its vast archives to make it easier for owners to trace their car's history. It launched a global program called Certificate of Provenance that provides historical information about a specific car. Available through authorized Lotus dealers, the Certificate of Provenance includes details like the car's VIN and its original color. It also notes the date the car rolled off the assembly line in Hethel, England, and the date it entered the company's dealer network. Key specifications, including the engine, the transmission, and the extra-cost options the original owner ordered, are printed on a personalized Build Specification Letter. Owners who order the certificate will also receive a letter from Lotus CEO Phil Popham in which he pledged to explain the changes going on at the company, and how it's preparing for the future. Summing up the situation in a letter will likely be easier said than done, because Lotus (which is now controlled by Geely) is undergoing a complete transformation that includes a major product expansion and a renewed focus on the American market. It called the Evija, its first electric model, a trailblazer whose technology will permeate other battery-powered cars.   Related: Geely, with Volvo's help, plans to grow into a global auto giant   In addition to the aforementioned documents, enthusiasts who order a Certificate of Provenance will also receive an aluminum plaque engraved with the owner's name, a leather keychain, a carbon fiber bookmark, and a Lotus pen. Pricing starts at GBP170 plus the cost of shipping in the United Kingdom, a sum that represents about $225. And any Lotus owner can order it regardless of whether they own a 1959 Elite or a 2020 Evora GT. The first car certified by Lotus is a 1981 Esprit Turbo (pictured) that stands out as the last company car ordered by company founder Colin Chapman. Wearing registration number UVF 464X, it remained in Chapman's possession until his death in 1982, and it was sold to a private buyer the following year. Lotus recently purchased it with 11,000 miles on its odometer, and it plans to restore it before adding it to its heritage collection. Chapman didn't settle for a regular-production Esprit Turbo. He ordered his car with power steering (which wasn't available on the Esprit at the time), a lowered suspension, and modified brakes. He also ordered BBS wheels. Related Video:

Former CEO Bahar files $10.6M suit against Lotus

File this one under "not surprising in the least." Fired Lotus CEO Dany Bahar is reportedly suing his former employers for some $10.6 million, claiming that the automaker and its Malaysian owner, DRB, broke the law when they dismissed him. According to a report by Bloomberg Businessweek, DRB and Lotus will defend themselves in court rather than settling, including filing a countersuit against the former top executive.
Bahar, 40, was canned on June 7, about two weeks after Lotus suspended him pending an investigation into his conduct. The report cites a Kuala Lumpur stock exchange filing as its source of the information; the filing also indicates that DRB has decided against selling Lotus, despite continuing losses.