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Race Recap: 2014 Spanish Grand Prix is boom and bust [spoilers]

The Spanish Grand Prix's 2.892-mile Circuit de Catalunya is considered a preview for the rest of the season, since it's a combination of long front straight and twisting middle sectors mimic sections from every other Formula One track to follow. After the long break following the flyaway races to open the season, teams and fans have also been looking forward to this race to see if anyone had a realistic hope of catching Mercedes AMG Petronas; Infiniti Red Bull Racing honcho Christian Horner boiled his team's outlook for the season down to the line, "We've got to [beat them in Spain] if we're going to make a championship of it."
If we take that as our starting point then the weekend began as a bust. Lewis Hamilton only just beat Mercedes teammate Nico Rosberg for pole, the Brit's final effort getting him 0.178 seconds clear of the German. Daniel Ricciardo, proving Red Bull is at least the best of the rest, took third but did so more than a second behind Hamilton. Valtteri Bottas of Williams lined up fourth, almost 1.5 second behind and Romain Grosjean delivered overdue good news for Lotus by taking fifth on the grid, more than 1.7 seconds behind pole. Kimi Räikkönen in sixth outqualified his Ferrari teammate Fernando Alonso in seventh, but he couldn't be happy about it because the Ferraris were nearly two seconds behind, and Jenson Button in eighth in the McLaren was more than two second behind. Felipe Massa put the second Williams in ninth, and Sebastian Vettel overcame a terrible start to the weekend to make it into Q3, then didn't set a time when his gearbox failed, then got dropped five places to 15th on the grid when the gearbox had to be changed.
When the lights went out, then came the boom...

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 won't launch a 3-Eleven successor until it overhauls its range

Lotus has received an enthusiastic response to limited-edition models like the 3-Eleven. It's open to the idea of making similar cars, but Autoblog learned fans shouldn't expect to see one until it has overhauled its range. "There is room for it, but we have so many things to do that we're already committed to. Getting a new product range out there is the priority," Matt Windle, the firm's engineering boss, told us during an interview. The decision to wait is a wise one, because Lotus has a lot on its plate for a small company. It's putting the final touches on the electric, 2,000-horsepower Evija, it's allegedly working on a new Esprit with hybrid power, and unverified rumors sketch the outline of an SUV pegged in the same segment as the Porsche Macan. On the other hand, the global market's appetite for few-off models is healthy. Bentley had no trouble selling 12 examples of the Bacalar, for example, and even Aston Martin wants a piece of the pie. This trend isn't lost on Lotus; it knows it's in a unique position to capitalize on it. It competes at a lower price point than most other companies making limited-edition cars, and its "light is right" motto is still revered in enthusiast circles. While its car-building division is busier than ever, its engineering arm has the bandwidth to work on special projects. "Lotus Engineering, the consultancy side of the business, is going strong as well. We've been talking about bespoke programs with other companies. That's one way we could deal with that, and it would take it away from the main product development teams. Nothing is confirmed yet, but there are a lot of discussions going on," Windle revealed without giving too much away. Lotus has been there before. It notably helped John Z. DeLorean bring the DMC-12 to the market, and it transformed the Opel Omega into the fastest sedan in the world. Some of our geekier readers will remember the "handling by Lotus" emblems on the Isuzu Impulse. It has worked on several General Motors engines, too, including the EcoTec unit that once powered several Saab, Saturn, Chevrolet, and Pontiac models. The next limited-edition Lotus will have big shoes to fill whenever it arrives. The aforementioned 3-Eleven stood proud as the fastest street-legal Lotus when it made its debut in 2015, and the 430 variant (pictured) launched in 2018 put an even greater focus on performance.