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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 Elise returning to US in 2020

If you've been hoping to get your hands on a new Lotus Elise, we've got mixed news for you. The good news is that Lotus will bring the Elise back to the US market. The bad news is that it won't happen before 2020. Lotus was forced to withdraw the model (along with the Exige) from the US market in 2011 after it no longer complied with US safety regulations and its temporary exemptions expired. Lotus first launched the Elise in 1996 when the company was still owned by former Bugatti chief Romano Artioli. It rolled out the current Series 2 model in 2001, and brought it to America for the first time in 2004. The larger Evora faced similar issues, and was modified in the form of the new Evora 400 that now meets US regulations. Lotus CEO Jean-Marc Gales tells Automotive News that doing the same with the Elise would be unfeasible. "We'd need smart airbags, plus side airbags and to change the whole front crash structure. It would add 100kg," or 220 pounds, said Gales. While modifying the current Elise would be prohibitive, the next version is being designed to meet American standards. That won't happen before 2020. In the meantime, Lotus continues to sell a small number of certain variants of the Elise and Exige for use exclusively on tracks. Related Video: Featured Gallery 2011 Lotus Elise News Source: Automotive News - sub. req.Image Credit: Lotus Lotus Performance

The Caterham Seven Sprint is a perfect retro-style British roadster

A Caterham Seven oozes retro style. Modern engineering may mean the car no longer shares any parts with its original Lotus counterpart, but one look at the little roadster and it's easy to see the car's heritage. Caterham loves pumping out variants of the Seven, and the 2016 Goodwood Revival seemed like the perfect place to announce the latest version, the throwback Caterham Seven Sprint. Caterham calls the Seven Sprint a design "that was seemingly planned in the mid-1960s but never launched." It's apt then that the company is using it to kick off its "60 Years of the Seven" celebrations. The Seven Sprint is based off the European-only 160 model, meaning it's powered by an 80-hp turbocharged three-cylinder Suzuki engine. While the bonkers Seven 620 R may be the biggest and baddest Caterham available, the bare bones Seven 160 just feels more appropriate here. There are a number of retro styling touches throughout the car. The limited edition Seven Sprint comes wrapped in one of six colors originally offered by Lotus in 1966 and 1967. The Chassis is powder-coated grey, just like the Series 2 Lotus Seven. The cream-colored wheels feature polished hubcaps, while the interior features a wood-trimmed wheel and the interior is trimmed in a wonderful shade of red. The body has been slightly reworked to look more like the original Lotus designed car. Mechanically, not much has changed. Power from the Suzuki three is fed through a five-speed manual. Some of the suspension bits are similar to Colin Chapman's original design, but that's true of the standard 160. The car should be just as much of a riot as any other Caterham, just packed to the gills with style. The Seven Sprint is available only as a fully-complete factory car. It's unknown if any of the 60 produced will make it to the US. Prices in the UK start at GBP27,995, or about $37,000. Related Video: Featured Gallery Caterham Sprint Image Credit: Caterham Cars Design/Style Lotus Automakers Convertible caterham seven