Lotus will be re-named Team Lotus as of 2011, reverting back to the original name of the team when it was run by Colin Chapman.
Team principal Tony Fernandes bought the rights to the name from David Hunt, brother of 1976 F1 champion James Hunt, who has owned them since the original team collapsed at the end of 1994.
My thanks go to David for looking after the Team Lotus brand so well over the period of his stewardship, and keeping the integrity of Team Lotus together.
We are very excited about now taking over the brand and after our first year in Formula One, we believe we are ready to do justice to the legacy we have inherited. These are heady days for Team Lotus, and it will be a very exciting process for the team we have in place to help us achieve our goals, on and off track.
It was always important to us that Lotus Racing and Team Lotus could be brought together to unite the past and the present, and now we have done so. We have enjoyed a successful first year as Lotus Racing, and our thanks go to Proton, Group Lotus and all our partners for the parts they have played in our year as Lotus Racing.
But now we move on to a new chapter, and as Team Lotus we will be an even more potent force, both on and off track. Everyone associated with the team is looking forward to the challenges that lie ahead – even more so now we will be bringing back one of the most loved, revered and respected names in motor racing history. A new dream starts today – Team Lotus is back.
The use of the name Lotus has become a matter of debate in recent days after Group Lotus, who manufacture Lotus road cars, announced a deal to back the GP2 team ART in 2011.
Fernandes, meanwhile, will have his own GP2 outfit carrying the name of his Air Asia company.
Lotus are expected to announce a deal to use Renault engines in 2011, 25 years after Team Lotus last used Renault engines.
Lotus naming rights row
- Lotus to keep name until 2017 despite losing title sponsorship
- Lotus confirms 2012 name change to Caterham
- Renault, Lotus and Virgin to change names in 2012
- Bahar ‘determined’ to win right to call team ‘Lotus’
- Court rules Lotus have right to use name “Team Lotus”
- Fernandes: Group Lotus did their best to destroy us
- Lotus vs Lotus: Time to stop the nonsense
- Team Lotus revert to green and yellow livery for 2011
- Renault reveal R30 with new 2011 Lotus livery
- Who are the real ‘Lotus’ in F1? (Poll)
Image © Lotus F1