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Kimi Raikkonen moving to Ferrari?

Kimi Raikkonen, easily one of our favorite current drivers in Formula 1, may be making a move from Lotus to Ferrari, according to a Finnish tabloid called Ilta-Sanomat. Raikkonen, who won the driver's championship in 2007 with the Italian brand, is in high demand and is also rumored to have options on the table from Red Bull and his current team.
Of course, a move by Kimi to Ferrari means at least one of the Maranello-based outfit would need to find another ride. Driving ace Fernando Alonso has publicly voiced his displeasure with the Ferrari chassis, and rumors have the Spaniard considering a move to Red Bull to replace Mark Webber. Buckle up, folks, this Silly Season is shaping up to be bumpy...

Lotus recalls 2008-2011 Elise, Exige and 2011 Evora over fire fear

Lotus is recalling 860 vehicles after discovering that the oil cooler hose could detach from its fitting. Should the hose separate, it could spray oil on one of the lightweight car's tires, giving new meaning to the phrase "sudden loss of grip." The other case is, believe or not, more dire, as the spraying oil could hit the engine and ignite. Of course, neither situation is desirable, hence the recall.
The vast majority of the affected vehicles (780 of the 860) are the 2008 to 2011 Elise and Exige, built between November 2007 and July 2011. Another 80 Evora S coupes from 2011, manufactured between September 2010 and September 2011, are also included in the recall.
All repairs will, naturally, be completed free of charge. In the Elise/Exige's case, that means replacing the hose fittings, while the affected Evoras will get a new hose assembly.

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