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Renault bailing out Lotus F1 Team to pay $4M tax bill

The road ahead looks to be clear for Renault to reacquire the Formula One team that once bore its name. The latest reports have it that the French automaker is prepared to pay a multi-million-dollar tax bill to the British government to keep the Lotus team from entering bankruptcy proceedings. According to the report from Autosport, the Lotus F1 Team owes a massive GBP2.7 million – equivalent to over $4 million at current exchange rates – to the Her Majesty's Revenue & Customs authority for income tax and national insurance (Brit-speak for social security). The team was supposed to have withheld and submitted the funds on behalf of its 400 employees dating back to June, but since it has yet to pay up, it's being taken to court by the UK government. Apparently unable to foot the bill, the cash-strapped team looked poised to enter bankruptcy just as the Caterham and Manor/Marussia teams did last year. But Renault is now poised to step in to the team's rescue. Those with a longer memory for F1 history will point out that the Lotus team – which has little to do with the sports car manufacturer of the same name – dates back to 1981, and has changed title and ownership several times over the years. What was founded as Toleman was then taken over by Benetton. Renault acquired the team in 2000, but sold it to its current owners Genii Capital in 2009. The team based in Enstone, UK, won back-to-back world championships with Michael Schumacher in 1994-95 and again with Fernando Alonso in 2005-06, but has struggled both competitively and financially over recent years. Consigned to an engine-supply role since divesting itself of majority interest in the Lotus team, Renault has been rumored to be preparing to reacquire the outfit from Genii – and in all likelihood switch it back from Mercedes power to its own. Paying the outstanding tax bill will likely emerge as the first step in that reacquisition. Once it takes over full ownership again, Renault is expected to rebrand the team in its own image, and will then have to decide on driver and other personnel contracts for next season. Related Video:

Lotus updates Elise with new Sport, Sport 220 models

There aren't a lot of models that stay on the market a full 20 years after their introduction. The Lotus Elise is one of those few, so to mark the occasion, the British sports car manufacturer is launching two new versions. Instead of simply dressing the Elise up with special trim and badges (which it has already done), the new models succeed the old ones by "adding lightness" and increasing performance in the classic Lotus style. Replacing the base Elise is the new Lotus Elise Sport, which cuts a good 24 pounds off the already featherlike curb weight – now down to 1,909 pounds. The 1.6-liter inline-four that is sourced from Toyota and enhanced in-house carries over with 134 horsepower and 118 pound-feet of torque for a 0-60 time of 6.0 seconds and a top speed quoted at 127 miles per hour. Fuel economy and emissions figures improve thanks to the decreased weight, but Lotus says the difference is most felt in the brand's signature handling dynamics. Those looking for a little more oomph may be more enticed by the upgraded Elise Sport 220. Taking the place of the outgoing Elise S, the new Sport 220 benefits from the same weight reduction as the Elise Sport, but packs the larger, more potent engine. The 1.8-liter supercharged four delivers 217 hp and 184 lb-ft of torque to deliver a 4.2-second 0-60 time and a 145-mph top speed. Along with the weight reduction, the new Sport models benefit from optimized throttle response, traction slip thresholds, and handling balance. They also feature new Bilstein dampers. Along with ten exterior colors available, buyers will also be able to choose between leather, Alcantara, or (our pick) classic tartan upholstery like the original 1976 Lotus Esprit S1. Unfortunately, we can't count ourselves among those potential buyers, since Lotus no longer offers the Elise in North America. The automaker is, however, tipped to bring the next generation back to these shores toward the end of this decade. And the incremental improvements that it constantly rolls out bodes well for what's to come.

Lotus Evora GT410 Sport exhaust is the best new holiday song

No matter what holidays people are celebrating, there's one winter celebration car enthusiasts can come together for: Driftmas. A Lotus Evora GT410 Sport was recently possessed by the ghost of Driftmas present Ken Block and decided to get sideways all over the Lotus campus in Hethel, Norfolk, England. The result is a beautiful winter symphony. The video is done in a slightly cheeky manner, as the yellow Evora shows up to work with a fully geared-up driver in the front seat, and a full Christmas tree stick to the rear engine cover. After blowing past a pristine Espirit S1 in a "slow" zone, the Evora slowly creeps through one of the garages, where a beautiful black and gold Type 72 race car sits quiet as a mouse. It then makes its way through a testing area and to a parking lot, where it rings a few bells around three specialty Lotus models, including what appear to be Exige Cup cars. It finishes the ride in front of the main office, where Lotus has another Christmas tree filled with little toy cars as ornaments. Before the Grinches start complaining about how it's not Gymkhana, that's correct. It's not. But we'd never turn our noses at a video with a soundtrack a sweet as this. Merry Driftmas to all. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Related Video: