1993 Lotus Esprit Turbo Se Coupe 2-door 2.2l on 2040-cars

Auto blog

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 Advanced Performance offers hints about special projects

Four months ago, Lotus teased the creation of an Advanced Performance division. The legendary sports car maker divulged that the department would build "ultra-exclusive and unique vehicles" outside of the firm's regular-production lineup, developing Lotus race cars, manage Lotus motorsports programs, work on customer commissions and create customer experiences from Hethel production tours and track days to global driving academies and "money can't buy" opportunities. In further comments to Autocar and Auto Express, the head of Lotus Advanced Performance (LAP), Simon Lane, gave clues about what's coming. Lane suggested a number of creations, but the part we're most excited about is "while wider Lotus Group moves towards full-on electrification, LAP is 'reserving the right to still play with combustion engines.'" These ICE powerplants could be slated for coming restomod projects based on plans and technical drawings for Lotus products in the 1960s and 1970s that were never produced. Lane said his 15-person team is "well advanced" on work on what he calls "scratch build" vehicles that will hearken to vintage wares but be "easier to drive and maybe [have] a better power-to-weight ratio and better brakes." We love our electric cars here at Autoblog, but the idea of lightweight revivals recalling Lotus' best years with classic lines, small-displacement engines and maybe even manual transmissions would be glorious. These won't be continuation cars, but all-new products with production runs said to be smaller than anyone would expect.    It's possible we could see something this year, 2022 being the 50th anniversary of Emerson Fittipaldi and Lotus winning the 1972 Formula 1 Driver's and Constructor's Championships in the Lotus-Ford 72D. That might explain the teaser image from February, if not the colors of the car in the teaser. Know what other momentous Lotus moment occurred in 1972? The Esprit concept debuted at the Turin Motor Show. Lane, who comes from service in Aston Martin's Q division, calls LAP "the most all-encompassing special operations department" among automakers. That means there will be work done on the electric side, too, potential services being electric drivetrain conversions of traditional Lotus cars, and creating new bodywork for the new range of battery-electric cars.

Volkswagen looking to acquire Proton, Lotus?

Let's say you're an automaker bent on world domination looking to grow your sales. That's going to have you looking at Asian markets, because that's where some of the biggest growth has been, and that's exactly what Volkswagen is doing as it considers making another run at Malaysia's Proton.
Reuters reports that Volkswagen is interested in at least a partial stake, if not a controlling interest in Lotus-parent Proton as a way to continue a production presence in the region without having to build its own factory.
Volkswagen already builds the Passat in a DRB-HICOM facility in Pekan, Malaysia, and plans are in place to build the Jetta and Polo there, as well. With both southeast Asia and its relationship with Proton figuring so importantly in Volkswagen's plans for expansion, buying into Proton can help ensure stability. Volkswagen is being tight-lipped about the whole idea, but CEO Martin Winterkorn did recently say, "it's our clear goal to continue the successful (expansion) course of past years with great dynamics and stability," which sounds an awful lot like deals are on the table to smooth the path to further growth.