Detroit Bureau on Twitter

Posts Tagged ‘Auto racing news’

Renault Sells Formula One Team

Retains small stake in ultra expensive sport, continues racing.

by on Dec.16, 2009

t

Renault devrait transférer à Genii Capital une large part de F1 Team et les deux partenaires enassureront ensemble le management.

Renault is in the process of selling most of its Formula One team to Genii Capital, a Luxemburg based firm specialized in new technologies, brand management and motor sport.

The letter of intent signed by the two companies calls for the deal to close in early 2010. At that time ownership of its racing shops in the United Kingdom would go to Genii.

However, the new team retains the Renault name for the 2010 season. And Renault will also continue to supply engines through its subsidiary in Viry-Châtillon to Red Bull Racing next season. Thus, Renault’s presence in what some maintain is the preeminent motor sport series is retained after 35 years of competition. Renault won the series as recently as 2005 and 2006.

Speculation says that the Renault stake in the new team will be about 20%, and the sale should cut its costs by at least half. Formula One teams can easily consume more than $500 million to operate for a single season.

The latest development followed months of speculation that Renault would quit the scandal-ridden sport, including race fixing by Renault in 2008, which cost it major sponsors, and follows the withdrawal of Toyota, Honda, Bridgestone, and BMW.

!

Racing Nouvelles!

The  decision was debated at Renault’s latest Board of Directors meeting as the loss-making company struggles with the ongoing negative effects of the Great Recession.

(more…)

VW Announces “Racing Under Green” Broadcast

Jetta TDI Cup documentary to air on Discovery Networks.

by on Dec.11, 2009

y

Volkswagen is currently accepting driver applications for the 2010 season.

Beginning the week of January 18, behind-the-scenes footage of the country’s only professional diesel racing series will air in national television with a “Racing Under Green” documentary.

The 60-minute show is an inside look at all of the elements that make the series unique. During last season, a broadcast crew followed the series’ 25 drivers on track and off to capture the personalities behind the wheel of the equally prepared Jetta TDI Cup racecars.

Drive It Yourself!

Drive It Yourself!

The documentary was shot in high definition and also explores what is claimed to be “environmentally-friendly” aspects of the series, from biodiesel blends used to power the cars on the racetrack to the series’ support of CarbonFund.org.

The documentary will air at various times on Discovery Communications’ Discovery Channel, Science Channel, Planet Green, and HD Theater from January 18-31. Check local cable listings for channel information and broadcast times.

(more…)

Sauber Team Given Toyota’s Formula One Spot

Renault is rumored to be the next automaker to withdraw.

by on Dec.05, 2009

BMW Sauber 2009 F1 Car, Courtesy BMW AG

The spot is contingent on Sauber signing the Concorde Agreement that rules Formula One.

The Fédération Internationale de l’Automobile confirmed late last week that the Sauber Team would be given a starting grid slot next year, taking the place of the departing Toyota team.

The spot is contingent on Sauber signing the Concorde Agreement that governs Formula One racing.

BMW announced earlier this year it was withdrawing from the super expensive and controversial sport at the end of 2009. In November BMW sold the team back to its original founder Peter Sauber, when BMW rejected its previous plan to sell its 80% stake to an unknown Mideast investment group, Qadbak.

(more…)

BMW Sells Formula One Team Back to Sauber

One-third of workers are immediately sacked. Agreement is contingent on having a starting place for 2010 racing season.

by on Nov.30, 2009

t

Whether a place on the grid is offered to Sauber remains to be seen, as the costly and scandal wracked business continues to be roiled by defections of major automakers.

BMW AG agreed to sell its 80% ownership in the BMW Sauber F1 Team to founder and former owner Peter Sauber at the end of last week.

The contract is subject to the team having a starting place for the 2010 Formula One season, which up to this point is unknown  because the sanctioning body, Fédération Internationale de l’Automobile, mistrusted the proposed mid-east financing of a restructured team. This previous announced deal from a murky mid-east based company called Qadbak Investment Ltd is now off.

Whether a place on the grid is offered to Sauber remains to be seen, as the costly and scandal wracked business continues to be roiled by defections of major automakers, among them Honda, Toyota, BMW and tire supplier Bridgestone. Renault is also said to be examining its costly participation.

Racing Views!

Racing Views!

Moreover, Ferrari, the unquestioned superstar marque of the series among fans, is apoplectic about one proposal to cut the obscene costs that are driving other makers away. It would see a spec engine replace the highly specialized, breathtakingly expensive, custom engines now in use. Ferrari’s entire marketing plan is based on its often-successful participation in Formula One, of course.

(more…)

Formula One Racing Exodus Continues as Toyota and Bridgestone Announce Exits

Only Ferrari, Mercedes-Benz and Renault will compete as makers during the next racing season that starts in March.

by on Nov.05, 2009

The extreme costs and super rich image is driving makers out of Formual One.

The extreme costs and super excessive image is driving automakers out of Formula One.

Toyota Motor Corporation is leaving the super expensive Formula One racing circuit next year. Bridgestone, a major supplier to Toyota is withdrawing the year following.

The latest moves to cut team costs of almost half a billion dollars annually for leading marques means that only Ferrari, Mercedes-Benz and Renault  will compete as makers next season.

Ferrari is threatening to leave the series as well. Honda and BMW had previously withdrawn.

Race With Us!

Race With Us!

Lotus Cars, now owned by Proton, is returning after a 15-year absence. In addition, several new smaller teams are thought to be preparing low budget entries for the new season, which starts in March. Previously, Lotus said it plans to spend only $90 million next year, compared to Toyota’s estimated $500 million annual investment in the hugely popular global sport.

(more…)