The historic Team Lotus name could return to Formula One from 2010.
Formula Three racing team Litespeed has revealed that it will revive the classic name, if F1's governing body, the FIA, gives it the go-ahead to step up to the sport's top category next year.
The move has been made possible following negotiations between the Lotus name's rights holder, David Hunt, and Litespeed's bosses Nino Judge and Steve Kenchington. Both Judge and Kenchington worked for Lotus when it last raced in F1.
Former F1 winner and Lotus racer Johnny Herbert will also be involved in the project, acting as driver manager and an ambassador for the team, as will former Renault and Toyota designer and sometime BBC pundit Mike Gascoigne.
Gascoigne said: “For me to continue my F1 career under the banner of the Team Lotus name and help to bring it back to its deserving place in the world championship is fantastic”.
The FIA will determine whether Team Lotus and the other 13 2010 F1 applicants are successful this Friday.