The Lotus Racing Formula One team has confirmed it will use the ‘Team Lotus’ moniker from 2011.
The team previously did not own the rights to the name used by the classic Lotus F1 team that won six drivers’ championships and seven constructors’ titles between 1963 and 1978.
Current team boss Tony Fernandez has bought the naming and heritage rights after a complicated struggle for the brand name.
The Team Lotus name was previously owned by David Hunt, the brother of the 1976 F1 world champion James Hunt.
The F1 team currently runs as Lotus Racing through an agreement with the road car division of Group Lotus.
Fernandez is expected to terminate this deal at the end of the season and he admitted it has always been a long-term goal to run under the Team Lotus name.
Fernandez said: "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.”.
The company that runs Lotus Racing was born out of a merger between a consortium of Malaysian companies including Proton and Norfolk-based Lightspeed Racing that applied for a slot on the 2011 F1 grid and was hoping to use the Team Lotus name.
The team has also confirmed it will switch to Renault engines from Cosworth for next season.
Lotus Motorsport, part of Lotus Group, has recently announced it will be entering the GP2 and GP3 race series in a tie-up with ART Grand Prix next year.