Renault team boss Eric Boullier has welcomed the official confirmation that his squad will change its name to Lotus for the 2012 season.
The long-awaiting announcement that title backer Group Lotus would be able to fully rebrand the former Renault factory squad came today, after being ratified by the Formula One Commission at a meeting in Geneva on Thursday.
The row between the Lotus car company and Tony Fernandes' Lotus Formula 1 team has therefore been brought to an end, resolving the confusion that arose from having both the Lotus Renault GP and Renault-powered Team Lotus outfits on the grid.
"We are very pleased that our chassis name change has been approved," said Boullier. "We have said all along that, in the interests of the sport, it is important that we remove any ambiguity on this matter.
"It is also important that there are clearly identifiable teams on the grid, and today's announcement goes some way towards ensuring that."
Boullier added that the confirmation of the name change marked the start of a new era, but not a total transformation, for his team, which previously operated as Toleman and Benetton before becoming Renault's works operation.
"It is the start of another chapter for Enstone, but not a whole new beginning," he said.
"The team's history and experience will allow us to take up this challenge with a controlled and swift process. We're very much looking forward to 2012."