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.
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.
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…
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.
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.
All of us that were hoping to get a boost for our stock portfolios because of the Detroit Auto Show should probably consider other avenues for financial gain (Alpacas?), at least according to analysts at Goldman Sachs. The buzzkills over there remind us a recession is coming, car sales will decrease, people will stop…