Group Lotus has made a return to Formula 1. The team has become the new title sponsor for the Renault F1 team. The team has now been rebranded Lotus Renault GP. Renault, having sold its stake in the F1 team back to Genii Capital, will continue in its role as engine supplier only.
Genii is responsible for selling a part of the company's stake to Group Lotus, leading to the return of the evocative black and gold livery. The new partnership is likely to continue till 2017.
Meanwhile, Tony Fernandes is still going ahead and continuing his plans of racing as Team Lotus in 2011. The Team Lotus cars are also set to use Renault engines, and a return to black and gold livery is also on the cards.
Former Ferrari man, now Group Lotus CEO, Dany Bahar has said that despite all the confusion and controversy about the Lotus name in F1, the new team is proud to announce that they are back. Whether or not Tony Fernandes will rename his 2010 rookie outfit is yet to be seen.