After weeks of agonizing wait, it has been officially confirmed that Group Lotus will come into Formula 1 next season with Genii Capital, owner of the Renault F1 team. According to the press release, Group Lotus have signed a title sponsorship deal that will run till 2017.

As previous reports have suggested, Group Lotus has purchased all of the remaining shares held by Renault. This new partnership between Group Lotus and Genii has given birth to the Lotus Renault GP team. The team will continue to have Renault as its engine supplier, hence the reason why the French brand is in the team’s official name.

The press release also mentioned that Group Lotus will benefit form significant technological and commercial opportunities for its range of road cars through the sponsorship. Furthermore, it has also been confirmed that the team will make use of Lotus’ iconic black and gold colour scheme as the team’s official livery in 2011, as pictured in the artist impression above.

Interestingly, Tony Fernandes’ Lotus Racing team also plans to do the same. This colour combination was last seen in the 1980s.