Renault To Become Renault Lotus GP
The Renault Formula One team will be renamed Lotus Renault GP next season after a partnership was agreed with the Malaysian-owned sportscar company.
Renault has sold its remaining 25% stake in the team to Genii capital, which is owned by Proton and is already the majority shareholder.
The title sponsorship agreement will run until the end of the 2017 season and Renault will continue to supply engines, technology and engineering expertise.
The move means that there will now be four cars racing under the Lotus name in the 2011 season – with Lotus Racing recently announcing that it will change its name to the historic Team Lotus brand.
However, its likely that a legal battle will now ensue after Team Lotus boss Tony Fernandes is in dispute with Proton over the rights to use the Lotus name in F1.
The case looks to be heading for the High Court in London, although the new season will be well under way before any hearing.
‘We’re well aware that there has been a lot of controversy around the usage of our brand in F1 and I’m delighted to be able to formally clarify our position once and for all: we are Lotus and we are back,’ said Lotus Group CEO Dany Bahar.
To further add to the confusion over the two teams – both plan to race in the black and gold Lotus colours of the 1970’s and 80’s when the team changed from its racing green to accommodate the lead sponsor John Player Special.
