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Lotus Racing secures Team Lotus name

Lotus Racing will be known as Team Lotus from 2011 onwards © Getty Images

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• Drivers:
• Tony Fernandes

• Teams:
• Team Lotus

Lotus Racing has confirmed that it has secured the rights to use the historic Team Lotus name from 2011 onwards.

Lotus Racing made its debut at the start of the season but its lineage with the historic Colin Chapman-founded Team Lotus was often held in doubt due to the name. However, team boss Tony Fernandes confirmed on Friday that the team had secured the rights to the name that had been held by Team Lotus Ventures Ltd - a company led by James Hunt's younger brother David Hunt - that bought the rights from the original failed team in 1994.

It is believed that the separate Group Lotus, which makes road cars, had signalled its intention to no longer allow the team to use the Lotus Racing name under license.

"It's difficult to express just what it means to us to now be able to say we are Team Lotus, one of the most iconic names in any form of sport worldwide, but we have been working very hard to make this dream come true, and today it has," said Fernandes. "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."

Fernandes did not confirm reports that it will be powered by Renault engines next year, but it is expected that an announcement about the team's drivers for 2011 is imminent.

© ESPN Sports Media Ltd.