You would have known by now that the Lotus vs Lotus naming row is over, and in 2012 Lotus Renault GP will race as ‘Lotus’ while Tony Fernandes’ Team Lotus has changed its name to Caterham F1 Team. The AirAsia boss and friends bought over British sportscar maker Caterham back in April.

Caterham F1 Team has unveiled its new logo for the 2012 F1 season, which uses a familiar green background with yellow accents. Tony Fernandes explains that the name change makes perfect sense for him.

“With Team Lotus, I would have battled to the end if I felt it was the right thing to do, but when you take a dispassionate look at where we were it made absolute sense to start with a clean sheet, and Caterham has given us that chance,” he told the team’s magazine.

“It’s the best possible solution for where we want to go – partly because it gives us complete control over everything we do and, obviously, because there’s simply no point racing to promote a road car company I don’t own. The road car business has always been a sector I’ve wanted to explore and so here we are.

“But I can’t stress enough; this is a serious business venture for us. If I just needed a new name, I could have called it anything, but the synergy with Caterham works better – and it’s what I do – take a small business with the correct core values and purpose and expand it and grow it into the global marketplace.”