Lotus confirms Team Lotus name deal

As predicted by AUTOSPORT.com, 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] licence," 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 as 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.

AUTOSPORT.com predicted earlier this month that Lotus was closing in on an agreement with Renault, but that it would hinge on Lotus finding a way out of its tie-up with Cosworth. But Cosworth last week revealed that it has agreed to end the deal, 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."