Bankrupt Lehman Brothers profits from Formula One sale

The collapsed bank will sell its stake in Nasdaq-listed auto racing empire, making a hefty $1.5bn from a $300m investment

Creditors of Lehman Brothers are on track for a turbocharged windfall after the collapsed bank announced it is selling its stake in Nasdaq-listed Formula One auto racing, giving it a payout of $1.5bn from a $300m investment.

The offering also brings the chequered flag down on former F1 chief executive Bernie Ecclestone’s time as a shareholder. The billionaire business magnate is offloading his remaining stake for $20m. Ecclestone first took over the wheel of F1 40 years ago and transformed it from being an amateur hobby into a race series which had revenue of $1.8bn last year.

Related: A decade after the financial meltdown, its underlying problems haven’t been fixed

Continue reading…

Source: Formula 1

McLaren’s F1 engine switch gives power to team’s belief they can revive fortunes | Giles Richards

Ending their disastrous relationship with Honda and teaming up with Renault will not make McLaren winners overnight but it may be enough to lay the foundations for the future – especially if Fernando Alonso signs a new deal

A return to “normality” in Formula One next season – “to be on the podium and fight for victories” – is Fernando Alonso’s expectation for McLaren after the team formally announced their partnership with Honda would end this year. The relationship has proved to be a very public car crash for the team and the engine manufacturer over the last three years and Alonso has been absolutely clear that he held Honda responsible. His optimism stems from the switch to Renault power units but the task that lies ahead for McLaren remains immense.

The most successful British racing team, with eight constructors’ and 12 driver’s titles, have not won a race since Jenson Button’s victory at Brazil in 2012. They have not claimed a constructors’ title since 1998. The switch to Renault is not going to reverse this trend overnight but it may be enough to lay the foundations for the future.

Related: McLaren end ill-fated partnership with engine manufacturer Honda

Continue reading…

Source: Formula 1

Lewis Hamilton cannot be complacent in F1 title race, says Toto Wolff

• Mercedes executive directors warns driver to remain fully focussed
• ‘There’s lots of time for cheering when we’ve actually won the title’

Lewis Hamilton cannot afford to be complacent in his attempt to win a fourth Formula One world championship despite a 28-point lead, warned Toto Wolff, the Mercedes executive director. Hamilton won the Singapore Grand Prix on Sunday after his title rival Sebastian Vettel crashed his Ferrari off the grid and was eliminated from the race.

Hamilton had gone into the race leading Vettel by three points but had expected to drop behind the German at a circuit where Ferrari were hoping to dominate. However Vettel went out after the incident involving his team-mate Kimi Raikkonen and Red Bull’s Max Verstappen on the run to turn one, with all three retiring. The win, Hamilton’s third in a row, has given the British driver a commanding lead with six races to go.

Related: Lewis Hamilton is now the favourite and Vettel only has himself to blame | Giles Richards

Continue reading…

Source: Formula 1

Lewis Hamilton is now the favourite and Vettel only has himself to blame | Giles Richards

Sunday’s Singapore Grand Prix feels like the moment the F1 title pendulum swung decisively in favour of the Mercedes man after Sebastian Vettel’s costly blunder at Marina Bay

The win in Singapore might have proved to be the miracle at Marina Bay Lewis Hamilton had been hoping for but, putting aside divine intervention, the British driver comprehensively earned his victory. The crash off the grid took out his rivals but he still had to execute a perfect race to take the flag. He was on it immediately. Just moments later, aware that Sebastian Vettel’s car was leaking fluid, he went offline out of turn three to avoid it – wisely as it was there the stricken Vettel span and crashed.

Related: Lewis Hamilton draws inspiration from Senna in Singapore GP win

Continue reading…

Source: Formula 1

Lewis Hamilton: Ayrton Senna is talking to me and telling me to stay focused

• British driver reveals he is taking inspiration from his hero
• Hamilton’s win in Singapore Grand Prix takes him 28 points clear

A jubilant Lewis Hamilton revealed he was taking inspiration from his hero Ayrton Senna after his win in the Singapore Grand Prix on Sunday. The victory was of great importance in this season’s Formula One world championship, with the British driver moving 28 points ahead of his title rival, Ferrari’s Sebastian Vettel, after the German went out of the race following a crash off the grid going into the first corner.

Hamilton had to endure tricky, wet conditions under the lights at the Marina Bay circuit in a race that required skill and control as the track dried and which was interrupted repeatedly by the safety car. His Mercedes did not have the pace of the Ferraris and Red Bulls over the weekend but the three-times world champion has always excelled in the wet and made the most of his opportunity after the first lap incident to take advantage. He was reminded, he explained, of when Senna crashed out while comfortably leading the 1988 Monaco Grand Prix.

Related: Lewis Hamilton wins Singapore Grand Prix after Sebastian Vettel crashes out

Continue reading…

Source: Formula 1

Lewis Hamilton wins Singapore Grand Prix after Sebastian Vettel crashes out

• Vettel’s first-lap exit allows Hamilton to extend drivers’ championship lead
• Daniel Ricciardo second, Valtteri Bottas third in race hit by crashes and rain

Lewis Hamilton won a dramatic Singapore Grand Prix after a first-lap collision that forced title rival and pole-sitter Sebastian Vettel out of the race.

Hamilton increased his lead in the drivers’ championship over Vettel and may have dealt a significant psychological blow to the German, winning after starting fifth on the grid.

Related: F1: Lewis Hamilton leads Singapore GP after Sebastian Vettel crashes out – live!

Continue reading…

Source: Formula 1

F1: Singapore Grand Prix – live!

12.43pm BST

Plus, while we were talking, there was lightning and thunder close by

12.43pm BST

Force India’s Bob Fernley says there will “definitely” be some rain in the race. Looks like about 10 mins in

12.42pm BST


Might we see some rain during the #SingaporeGP?

12.41pm BST

Alain Prost reckons things look good for Red Bull.

12.41pm BST

Jackie Stewart, resplendent in Super Gran hat, says this is now one of the premier events of the season.

12.40pm BST

The rain has done some starting and stopping. The grid:

1) Sebastian Vettel — Ferrari — 1:39.491

12.35pm BST

How long before Daniel Ricciardo wins a drivers championship? To my extremely inexpert eye he looks the most exciting to watch and the one with that bit of devil about him.

12.32pm BST

Bantz, etcetera.


Some of us are in a hurry to get started#SingaporeGP #F1

12.28pm BST

Fernando Alonso says that McLaren knew they had a chance to do well here*, but is non-committal as to whether Verstappen needs to take Vettel at the start.


12.27pm BST

It’s raining. Not heavily, but nonetheless.

11.34am BST

Sebastian Vettel delivered a quite stunning performance to qualify in pole for the most aesthetically rewarding race of the season, breaking the track record in the process; even Lewis Hamilton reckons he’s likely to win here. The current gap at the top of the driver’s championship is three points in Hamilton’s favour – he’s won the last two GPs – but he’ll do well to still be in control three hours from now.

Lights out: 1pm BST

10.48am BST

Related: Vettel storms to pole at F1 Singapore GP and piles pressure on sluggish Hamilton

Continue reading…

Source: Formula 1

Vettel storms to pole at F1 Singapore GP and piles pressure on sluggish Hamilton

• Vettel over half a second quicker than fifth-placed title rival Hamilton
• Verstappen second, Ricciardo third and Raikkonen fourth fastest at Marina Bay

Sebastian Vettel saw off a strong challenge from Red Bull to take pole position for the Singapore Grand Prix. The German delivered an imperious lap of the Marina Bay circuit in his Ferrari to beat Red Bull’s Max Verstappen and Daniel Ricciardo into second and third. His Ferrari team-mate Kimi Raikkonen was in fourth. Lewis Hamilton, who leads Vettel by only three points in the world championship, could manage only fifth, one place ahead of his Mercedes team-mate, Valtteri Bottas.

Related: McLaren end ill-fated partnership with engine manufacturer Honda

Continue reading…

Source: Formula 1

McLaren end ill-fated partnership with engine manufacturer Honda

• Team will switch to Renault engines next season
• Honda set to remain in F1 with Toro Rosso

“I believe success can be achieved only through repeated failure and self-analysis,” the founder of Honda, Soichiro Honda, once said.

The Formula One engine manufacturer has experienced no shortage of either in recent years but with no sign of the triumph they presage, the company and McLaren formalised their separation in Singapore. It ended a partnership whose scale of failure would have given the engineer and industrialist cause to think his words were being taken to an ignominious extreme.

Related: Valtteri Bottas signs new Mercedes F1 deal as team keep options open for 2019

Continue reading…

Source: Formula 1

McLaren dump Honda for Renault and are set to retain Fernando Alonso

• Spain’s two-time F1 champion craves a competitive car
• McLaren have finished ninth, sixth and are currently ninth with Honda

Fernando Alonso has said his future with McLaren has yet to be decided, despite the strong expectation he will stay after their announcement of a switch to Renault engines. The deal to drop Honda in favour of the French manufacturer has been a long time coming and is believed to be fundamental to keeping the Spaniard, who has been critical about the performance and unreliability of Honda power units over the past three seasons.

McLaren are on Friday expected to announce a switch to Renault in a three-year deal starting next season. Alonso, a two-time world champion, has been clear he would only remain with the team if they had a competitive engine. However, in Singapore for Sunday’s grand prix, the 36-year-old said he is still considering his future. “There are options everywhere and they are all very good,” Alonso said. “You just need to be patient and wait a couple of weeks.”

Continue reading…

Source: Formula 1

1 2 3 14