Group Lotus has unveiled its plans for its involvement in Formula One with a tie up between itself and the Renault team.
The team will be rebranded Lotus Renault GP, with the Proton owned company taking a major shareholding in the outfit as well as securing title sponsorship.
The partnership will run through to 2017 with Renault committing itself to an engine supply deal for a number of years.
Gerard Lopez, chairman of the Renault team, announced 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.”
Group Lotus CEO Dany Bahar added: “I can think of no better platform for automotive brand communications than motorsport and F1 is the very pinnacle of open-wheel racing.
“We’re well aware that there has been a lot of controversy around the usage of our brand in F1 and I’m delighted to be able to formally clarify our position once and for all: we are Lotus and we are back.”
The team also announced it will run the famous black and gold livery, despite Team Lotus announcing they too will run the same colours in 2011.
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