As previously reported Lotus Racing has officially announced that they will be known as Team Lotus as of 2011. This is due to the fact that team principal Tony Fernandes and Kamarudin Meranun’s Tune Group, has bought over Lotus Ventures Ltd. This is the company under David Hunt which owns the rights to the original Lotus brand that competed in Formula One.

In effect, the Malaysian-run team can now officially say that they are the one and only official Lotus Formula One team in the world. “Kamarudin, Nasa and I are absolutely delighted to have completed this transaction – It’s difficult to express just what it means to us to now be able to say we are Team Lotus, one of the most iconic names in any form of sport worldwide, but we have been working very hard to make this dream come true, and today it has,” said Tony. Previous owner and MD of Team Lotus, David Hunt, said that his previous plans of bringing Colin Chapman’s brand back to Formula One failed due to financial constraints.

“In relinquishing this responsibility I am confident I am handing over to a team who have the financial resources, passion, energy, vision and long-term commitment to give Team Lotus the best possible chance of returning to the sharp end of the grid. I look forward to assisting the team towards scoring Team Lotus’ 80th Grand Prix win – that will be the day when all the effort of the past 15 years will finally seem worthwhile,” said Hunt.