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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 Korean F1 Grand Prix crazy enough for Psy [spoilers]

The end of qualifying for the 2013 Korean Formula One Grand Prix left us with five pairs: two chassis each from Infiniti Red Bull Racing, Mercedes-AMG Petronas, Lotus, Ferrari and Sauber. Yes, Sauber. The last time the Swiss team had two drivers in the top ten was Japan last year, when Kamui Kobayashi converted the grid spot into a podium.
But let's start at the front of the top ten, where Sebastian Vettel put his Red Bull on pole for the 42nd time in his career. He was followed by Lewis Hamilton in second place by two-tenths of a second, Mark Webber in the second Infiniti Red Bull, and Romain Grosjean in the Lotus in fourth. Out-qualifying teammate Kimi Räikkönen again, the Finn would line up in tenth. Nico Rosberg put the second Mercedes in fifth, Fernando Alonso got the first Ferrari into sixth ahead of teammate Felipe Massa, while Nico Hülkenberg led with the first Sauber in eighth, teammate Esteban Gutiérrez showing the promise he was hired for (okay, and his money) in ninth. Except they'd all move up a place because Webber had to serve his ten-place grid penalty after getting his third reprimand of the season in Singapore. That would get Sergio Perez in his McLaren into tenth. Yes, McLaren needed a grid demotion ahead to make it into the top ten.
It was an entertaining top ten that no one would have expected. When the red lights went out, we were treated to one of the most entertaining races of the year - it was Gangnam Style at 300 kilometers per hour.

1991 Lotus Elan | eBay Find of the Day

Lotus has always been a company that goes its own way, and the 1991 Elan you see above is quite possibly the strangest vehicle that the British automaker has ever designed and built. It's powered by a 1.6-liter turbocharged four-cylinder engine that sends 162 horsepower to the front wheels through a 5-speed manual gearbox. This generation of the Elan, which was produced from 1989-1995, remains to this day the only front-wheel-drive vehicle that Lotus has ever sold. And it wasn't very popular, with only 3,855 sold worldwide and less than 600 imported to the United States. That makes it a very rare car indeed. Lotus promotional materials claimed there were "definite advantages in traction and controllability," and added that "drawbacks such as torque steer, bump steer and steering kickback were not insurmountable." Road tests of the front-drive Elan almost universally praised the vehicle's excellent handling performance. The car you see here, sold by Gateway Classic Cars of Fort Lauderdale, Florida, looks to be in pretty good overall condition. The mileage is on the high side at nearly 111,000, but it has new paint, a new convertible top, and a refurbished interior. The asking price stands at $16,995, which makes it one of the least expensive vehicles to wear a Lotus badge that you can park in your garage and enjoy.