From next year, the 2005/06 championship-winning Renault F1 team will be known as Lotus Renault GP as Group Lotus became a major shareholder and title sponsor.
The deal will see Renault sell the remainder of its shares to Genii Capital, which bought 75% of them last year.
The title sponsorship deal with Group Lotus is due to run until the end of the 2017 season, with Renault committing to supply engines to the team for a number of years.
Gerard Lopez, chairman of Renault F1 Team, said about the deal: “We are delighted that we can now go public with the news that we will be racing as Lotus Renault GP in 2011.
“It is extremely exciting to begin a new era for the team in partnership with Group Lotus, and we will continue to enjoy a strong relationship with Renault over the coming seasons. It is a tribute to the excellent work this year by the team in Enstone that we have been able to attract both major sponsorship and new investment for a very bright future.”
The iconic black and gold livery as made famous by John Player Special will make a re-appearance on the grid next year, but to confuse matters the Tony Fernandes’ outfit is also considering using the same colour scheme.
In addition, Team Lotus has recently signed a deal to use Renault engines next year, so it will be a case of double vision with two Lotus entries using the same power unit and livery…