Lotus naming row resolved

The long-running naming rights row surrounding the Lotus and Team Lotus brands has finally been resolved.

The issue saw the Lotus name dragged through the High Court earlier this year, however both parties have now agreed settlement terms.

Team Lotus, run by Malaysian entrepreneur Tony Fernandes, and Group Lotus, who this season have been title sponsor of Renault, both claimed ownership of the name Lotus.

On Sunday motor sport’s governing body, the FIA, after a meeting of the Formula One Commission chaired by Bernie Ecclestone in Geneva last week, approved three team name changes for next year.

Included amongst them were Team Lotus becoming Caterham, and Lotus Renault retaining said name, but taking on the chassis moniker of Lotus rather than Renault.

Although the terms of the settlement are confidential, the deal sees the Lotus brand reunited under the sole ownership of Group Lotus, and includes the rights to the Lotus and Team Lotus names in F1.

The deal also includes a working relationship established between the parties who will now unite together on future projects in the automotive field.

Group Lotus CEO Dany Bahar said: “I would like to express how pleased we are this matter is finally closed and we can now focus on looking forward to the future.

“We understand this has been a very difficult and confusing time for fans of the sport and the Lotus brand, so we are glad to have reached a clear resolution on this important matter.

“I would like to take this opportunity to thank our fans for their continued support. It means everything to us.”

Speaking on behalf of this season’s Team Lotus, Riad Asmat said: “We are proud of what we have achieved by bringing the Team Lotus name back to Formula One when many tried.

“Although we are sad to say goodbye to Team Lotus, we are excited about owning our own future and being in control of our own destiny.

“Now we have no one to be compared to. We make our own history and we will remain green and yellow (the team livery).

“We look forward to an exciting future racing under our new team name of Caterham F1 Team.

“Please continue to support our very special spirit of never say die, and support us on the track as we move up the field and demonstrate the good do win.”