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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

Former CEO Bahar files $10.6M suit against Lotus

File this one under "not surprising in the least." Fired Lotus CEO Dany Bahar is reportedly suing his former employers for some $10.6 million, claiming that the automaker and its Malaysian owner, DRB, broke the law when they dismissed him. According to a report by Bloomberg Businessweek, DRB and Lotus will defend themselves in court rather than settling, including filing a countersuit against the former top executive.
Bahar, 40, was canned on June 7, about two weeks after Lotus suspended him pending an investigation into his conduct. The report cites a Kuala Lumpur stock exchange filing as its source of the information; the filing also indicates that DRB has decided against selling Lotus, despite continuing losses.

See the Lotus Evija in detail in this 23-minute video

Henry Catchpole splits his time as a contributor to Evo magazine with on-camera work for Carfection. The ever-gracious Englishmen took to the studio again recently to pore over the brand new Lotus Evija — and his first gift to us is the electric coupe's proper pronunciation: ee-VYE-yah. For a full 23 minutes, Catchpole tours the coming Lotus hypercar with Lotus' head designer Russell Carr. The two men sweep over the car from front to rear, Carr explaining the origins and details of the many shiny bits that attract Catchpole's eye. The spec sheet alone is attention-getting. A 70-kWh battery fuels a powertrain rated at 2,000 horsepower and 1,254 pound-feet of torque. All-wheel drive and torque vectoring are made possible by electric motors motors front and rear, but the setup is novel. A single drive unit on each axle combines a motor and inverter, but we're told each wheel gets its own gearbox. The package is a little shorter and wider than a Porsche 911, but sits seven inches lower than the roof of the German. Scales bend to the weight of 3,700 pounds in spite of magnesium center-lock wheels, that grandeur managed in part by six Multimatic spool-valve dampers, three on each axle. Just 130 Evijas will be produced, starting next year, each one starting at around $2.1 million. Lotus has filled the coupe with visual flourishes. The Lotus badge on the front is metal inlaid into the carbon fiber bodywork. Carr said he wasn't sure the engineers would be able to finalize that for production, but the designers are hoping. Fans inside the headlights keep the lumens cool, while movable DRLs and turn signals angled like the winglets on an airliner make the lumens look cool. Another neat lighting trick: The "T" in the word "Lotus" on the rear fascia acts as the reversing light. Two features we haven't yet seen on the latest batch of hypercars are adjustable seats, and a strip of metal in the headrests that can be etched the slogan of a customer's choice. And in spite of all the firsts for Lotus in this car, there's one holdover from the Hethel carmaker's other compact sports cars: A dearth of luggage space. The only cubbies are polygonal-shaped holes in the rear of the door sills. It doesn't sound so bad when Catchpole explains it, though, so check out the video.