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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.

Lotus bids farewell to the Elise and the Exige with Final Edition models

Lotus will put the Elise, the Exige, and the Evora out to pasture later in 2021 to make room for a new model that internally is being called Type 131. Before it embarks on this major lineup overhaul, the firm will send off the Elise and the Exige — two of its best-known and longest-running models — with a limited Final Edition. Fittingly, the Final Edition models represent the ultimate evolution of the Elise and the Exige, nameplates released 25 and 21 years ago, respectively. Lotus added power and, somewhat surprisingly, equipment without straying from the famous "light is right" philosophy that shaped both cars. Collectors have two variants of the Elise (Sport 240 and Cup 250) and three of the Exige (Sport 390, Sport 420, and Cup 430) to choose from. Stepping inside either Final Edition version of the Elise reveals a thin-film transistor (TFT) instrument cluster that can be configured with regular gauges or a racecar-like display, depending on whether motorists plan to hit the road or the track. Lotus also redesigned the steering wheel to give taller drivers more space. New upholstery and stitching patterns round out the major updates, and every Final Edition wears a specific metal plaque. Outside, the changes include new additions to the palette, including Azure Blue, which was one of the launch colors when the Elise was presented to the press in 1996. Racing Green, the hue worn by the model when it made its global debut at the 1995 edition of the Frankfurt auto show, makes a comeback as well. If 2,032 pounds is too heavy, Lotus offers optional parts (like carbon fiber panels) that shed 53 pounds. Power for the Elise still comes from a supercharged, 1.8-liter four-cylinder engine mounted directly behind the passenger compartment. It delivers 240 horsepower (23 more than stock) and 180 pound-feet of torque, figures that give the roadster a 4.1-second zero-to-60-mph time. Selecting the Cup model brings a full body kit that generates 145 pounds of downforce at 100 mph and 341 pounds at the Elise's 154-mph top speed. Like the Elise, the Exige range receives Final Edition-specific paint colors, decals, and other exterior accents. Inside, it's a similar story: Lotus added a TFT screen and a new steering wheel, among other updated parts. Instead of a four-cylinder, the Exige packs a meaner punch thanks to a supercharged, 3.5-liter V6 tuned to put 397 horsepower (a 47-horse increase) and 310 pound-feet of torque under the driver's right foot.

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...