Name changes for three teams were approved at the F1 Commission meeting in Geneva today: Team Lotus will be renamed to Caterham, Renault will become Lotus and Virgin Racing will be known as Marussia.
The first two changes are particularly significant as it finally resolves the on-going dispute over the Lotus name in Formula 1.
These changes will come into effect for next season, provided the changes are ratified by the FIA’s World Motor Sport Council, with no formal announcements from the teams in question expected until after the WMSC meeting on the 7th December.
Tony Fernandes, the Team Lotus team principal, purchased sports-car maker Caterham less than a year ago, hence the reason for this particular change. The Enstone-based team that currently operate under the Lotus Renault GP banner will drop the Renault name altogether, although both Caterham and Lotus will continue to be supplied with engines from the French car manufacturer.