Lotus has announced that it will operate under the Team Lotus name from the beginning of next season, after Tony Fernandes bought the rights to the name.
Fernandes has arranged the deal to use the famous name that the team last raced with in Formula 1.
"The whole aim was to own our future rather than operate under a [Lotus Racing] license," Fernandes said today. "For next year we will not operate under the Lotus Racing but Team Lotus banner. It will bring history full circle and operate under Team Lotus as Colin Chapman did."
Fernandes also admitted that Lotus has arranged a new engine supply deal for next season, but refused to confirm that it is with Renault. Cosworth revealed last week that it has agreed to end its deal with Lotus, leaving the door open for Renault.
"We obviously have something," Fernandes said when asked about an engine deal. "Today we wanted to focus on the name. We obviously have a deal on the table for the engine, and when we are ready to announce it we will."