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Stef Schrader Stef Schrader Feb 21, 2018. 21 comments

Renault Bought The Lotus F1 Team For Just $1.49

Renault Bought The Lotus F1 Team For Just $1.49

For about a fourth of what my usual morning latte costs, Renault bought a 90 percent stake in the Lotus Formula One team for only £1. According to company documents obtained by the Telegraph, the deal was finalized right before Christmas and puts Renault back in charge of the team for the first time since 2009.

(I know what you’re thinking, and in my defense, I usually order a quadruple-shot...

21 Comments

Stef Schrader Stef Schrader Dec 19, 2017. 15 comments

Montreal Cancels 'Financial Fiasco' Formula E Race After Costing The City Millions

Montreal Cancels 'Financial Fiasco' Formula E Race After Costing The City Millions

Montreal announced today that it will cancel its Formula E race weekend after last year’s race weekend cost taxpayers millions of dollars and left the organizers in debt, the CBC reports. Montreal mayor Valérie Plante claims that taxpayers would have to pay up to $35 million CAD ($27 million U.S.) to host the second running of the Montreal ePrix, and it didn’t make financial sense.

15 Comments

Raphael Orlove Raphael Orlove Dec 15, 2017. 21 comments

Which Motorsports Program Had The Sketchiest Funding?

Which Motorsports Program Had The Sketchiest Funding?

Motorsports isn’t just a great place for people to get together and compete in the fastest cars and bikes on the planet. It’s also a good way to waste/launder the questionably rich’s ill-gotten gains.

There are many motorsports programs funded by convicted crooks, cheats, and financial skeezeballs to choose from. My favorite was Moneytron, which was a stock market scheme in the ‘80s that got...

21 Comments

Stef Schrader Stef Schrader Nov 12, 2017. 14 comments

Formula One's New Budget Cap Could Start As Early As 2019: Report

Formula One's New Budget Cap Could Start As Early As 2019: Report

Formula One is considering a budget cap to level the playing field among its big-budget and smaller teams, and leaked details obtained by Auto Motor und Sport show exactly how they might do it. F1 wants to start testing out the cap in 2019. Notably, drivers’ and top managers’ salaries and marketing expenditures won’t be limited by the cap.

The specific amount of the budget cap is still to be...

14 Comments

Stef Schrader Stef Schrader Oct 21, 2017. 24 comments

Renault Will Purchase Lotus F1 Team, Hopefully Pay Off Its Unpaid Bills

Renault Will Purchase Lotus F1 Team, Hopefully Pay Off Its Unpaid Bills

The Team Formerly Known As Renault is finally going back to being Renault’s works Formula One effort. The struggling power unit supplier intends to buy a controlling stake in the struggling Lotus F1 team, which oddly, is the team Renault sold its stake in after the 2010 season to Genii Capital.

Cue The Lion King:

The FIA released the following statement about Renault’s repurchase of...

24 Comments

Stef Schrader Stef Schrader Sep 22, 2017. 14 comments

Renault Purchase Of Lotus Formula One Team Will Be Finally Finalized

Renault Purchase Of Lotus Formula One Team Will Be <i>Finally</i> Finalized

After dragging through a season full of late freight shipments and unpaid bills, the Lotus Formula One team’s financial savior has finalized their purchase of the team, per the BBC. Renault signed a letter of intent to purchase the Lotus F1 team at the end of September, and the principal contracts of the purchase were signed today.

Renault chairman Carlos Ghosn told the BBC:

Renault had two...

14 Comments

Stef Schrader Stef Schrader Aug 21, 2017. 22 comments

Not Even The 100th Indianapolis 500 Could Boost IndyCar's Sad Grid

Not Even The 100th Indianapolis 500 Could Boost IndyCar's Sad Grid

IndyCar may need to take a good, long look at its shrinking grid this year. If not even the 100th running of its most famous race can buck the trend of teams scaling back, there may be an issue. Case in point, the all-female Grace Autosport effort, who wasn’t on the entry list because they couldn’t get a car.

I immediately adored Grace Autosport’s attitude as soon as they announced their...

22 Comments

Stef Schrader Stef Schrader Aug 20, 2017. 17 comments

FIA Approves Sale Of Formula One Revealing Potential Conflicts Of Interest

F1
FIA Approves Sale Of Formula One Revealing Potential Conflicts Of Interest

The Federation Internationale de l’Automobile unanimously approved the sale of Formula One to Liberty Media at a World Motor Sport Council meeting today, reports Racer. Why wouldn’t they approve it? As a shareholder in Formula One Group holding company Delta Topco, the sale gives the FIA a nice paycheck.

The FIA, which serves as the governing body over F1, received its one percent stake in...

17 Comments

Stef Schrader Stef Schrader Aug 19, 2017. 17 comments

Rally Driver Auctions Off Her Own Rare Trophy To Fund Rally Sweden Entry

Rally Driver Auctions Off Her Own Rare Trophy To Fund Rally Sweden Entry

In 2012, British rally driver Louise Cook won the two-wheel-drive FIA Production Car Cup title, and became the first woman to win an FIA rally title. After sponsors backed out days before the Rally Sweden deadline, Cook put the trophy on eBay to raise the entry fees, reports Racer. Man, that’s dedication.

Racing is great, but funding it sucks. Prestigious international rallies such as Rally...

17 Comments

Stef Schrader Stef Schrader Aug 19, 2017. 24 comments

Report: Maldonado May Lose F1 Seat Because Pay Drivers Must Pay On Time

Report: Maldonado May Lose F1 Seat Because Pay Drivers Must Pay On Time

Dropping oil prices may have an unexpected effect on Formula One fans’ favorite butt of jokes. The BBC reports that Renault (née Lotus) driver Pastor Maldonado may be out of a ride if sponsor PDVSA doesn’t cough up a $50 million payment ASAP.

PDVSA is Venezuela’s national oil company, and cheap fill-ups around the world mean that Venezuela’s oil-heavy economy is hurting for cash. Per the BBC,...

24 Comments

Stef Schrader Stef Schrader Aug 19, 2017. 23 comments

Formula One Might Replace Ferrari's Home Grand Prix With New Race In Las Vegas

F1
Formula One Might Replace Ferrari's Home Grand Prix With New Race In Las Vegas

“I don’t think we have to have an Italian Grand Prix,” misguided elf-king of Formula One and infinitely wrong man Bernie Ecclestone told The Daily Mail. Tifosi, it’s time to get out those pitch forks and torches. Monza—historic wonderland and Ferrari’s home race Monza—could be replaced by Las Vegas.

Ecclestone told The Daily Mail that the organizers for a new grand prix in Las Vegas already...

23 Comments

Stef Schrader Stef Schrader Aug 19, 2017. 15 comments

Circuit Of The Americas Still Hasn't Paid Formula One Hosting Fees: Report

F1
Circuit Of The Americas Still Hasn't Paid Formula One Hosting Fees: Report

A $33 million dollar hosting fee that was supposed to be paid ahead of last month’s Formula One United States Grand Prix has yet to be paid by Circuit of the Americas, according to a report published in the Austin American-Statesman. That fee was supposed to be paid ahead of the October 25 race date.

F1 boss Bernie Ecclestone told the Statesman that COTA was given an extension to pay the fee...

15 Comments

Stef Schrader Stef Schrader Aug 19, 2017. 21 comments

F1 Signs Deal To Dump Its Most Historic Italian Track

F1
F1 Signs Deal To Dump Its Most Historic Italian Track

Good news! The overwhelmingly rosso corsa Italian Grand Prix will most likely stay on the calendar for the time being. However, Imola, not Monza, signed the contract with Bernie Ecclestone to host it, per Motorsport.com. Monza has hosted the Italian Grand Prix every year except one since F1's inaugural 1950 season.

Imola management entered into the contract with Ecclestone to host the Italian...

21 Comments

Stef Schrader Stef Schrader Aug 19, 2017. 20 comments

Lower Tax Bill May Save United States Grand Prix: Report

F1
Lower Tax Bill May Save United States Grand Prix: Report

Circuit of the Americas was given an unpleasant surprise last year when state of Texas cut its contribution to the United States Grand Prix’s sanctioning fees by $5.5 million. Fortunately for COTA, the Austin American-Statesman reports that a recalculation in the value of the venue itself may save the track millions of dollars in taxes.

According to the Statesman, the circuit settled with...

20 Comments

Stef Schrader Stef Schrader Aug 18, 2017. 21 comments

F1 Plans On Keeping Loathed V6 Turbo Engines Until 2020: Report

F1
F1 Plans On Keeping Loathed V6 Turbo Engines Until 2020: Report

Good news! Formula One’s manufacturers have agreed to a plan to cut engine costs and guarantee that no team be left without a power unit supply, reports Motorsport.com. Bad news! They will do so as long as the current and hated, quiet V6 turbo engines remain until at least 2020.

The good news part of this is truly good news, both for smaller teams struggling to afford to stay on the grid as...

21 Comments

Stef Schrader Stef Schrader Aug 18, 2017. 21 comments

All The Insane Stuff You Could Buy With The $1.8 Million IndyCar Needs To Fix Its Cars

All The Insane Stuff You Could Buy With The $1.8 Million IndyCar Needs To Fix Its Cars

Saturday’s IndyCar race had so much crash damage, only six of its 22 cars finished on the lead lap. Wrecks racked up an estimated $1.8 million in damage across the field, per Racer—and that’s a conservative estimate. That works out to about 180 gently used Spec 944s, or five beige McMansions in the Ft. Worth suburbs—except in car damage. Yikes.

This weekend’s IndyCar race at Texas Motor...

21 Comments

Stef Schrader Stef Schrader Aug 18, 2017. 22 comments

Your Favorite Formula One Drivers Are Still Richer Than You'll Ever Be

Your Favorite Formula One Drivers Are Still Richer Than You'll Ever Be

How much does your favorite Formula One driver make? Answer: a lot. Even the series’ lowest-paid driver—Sauber’s Pascal Wehrlein—still makes $150,000 in 2017, per Fox Sports’ list of drivers’ salaries. Meanwhile, McLaren’s Fernando Alonso will make a whopping $40 million, making him F1's highest paid driver.

We knew there had to be some reason why the two-time world champion was sticking...

22 Comments

Stef Schrader Stef Schrader Aug 18, 2017. 23 comments

The Manor Formula One Team Is Broke Again

F1
The Manor Formula One Team Is Broke Again

Let’s play this year’s round of “who wants to buy a struggling Formula One team?” Manor is in desperate need of saving again, as they’ve put the company which runs the operations of the F1 team, Just Racing Services Limited, into administration, reports Sky Sports. Administration is Britain’s version of Chapter 11, so needless to say: it’s not good.

Current owner Steven Fitzpatrick, who...

23 Comments

Stef Schrader Stef Schrader Aug 17, 2017. 18 comments

Broke Backmarker Isn't Allowed To Start Making Their New Formula One Car

F1
Broke Backmarker Isn't Allowed To Start Making Their New Formula One Car

Another year, another Formula One backmarker in financial strife. This year, it’s Manor’s turn again. Because every expenditure must be deemed necessary by an administrator handling all of their finances, they aren’t even being allowed to start making parts for their 2017 F1 car, per Motorsport.com. Ouch!

Just Racing Services Ltd., which handles the day-to-day operations for the Manor F1...

18 Comments

Stef Schrader Stef Schrader Aug 17, 2017. 11 comments

The Real Reason It Was So Tough To Get On The Indy 500 Grid This Year

The Real Reason It Was So Tough To Get On The Indy 500 Grid This Year

The 100th Indianapolis 500 only attracted 33 cars —enough to fill the grid, but not enough to have entries bumped from the grid during qualifying. Despite the milestone year, teams are still very conservative with who they’ll put in a car. Here’s why just making the grid was so hard this time.

Not Even The 100th Indianapolis 500 Could Boost IndyCar's Sad Grid

IndyCar may need to take a good,...

11 Comments

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