Fernandes and Proton settle Lotus naming row

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Tony Fernandes, owner of 1Malaysia Racing Team which currently operates in F1 as Team Lotus has settled to an agreement with Proton and Group Lotus to finally end the dispute over the 'Lotus' brand in Formula One. Team Lotus, as announced earlier, will be renamed to 'Caterham F1 Team' in 2012.

According to the release by Team Lotus, the deal includes the rights to the "LOTUS" and "TEAM LOTUS" names in Formula 1 motor racing. 1MRT will race in the 2012 Formula 1 season under the name "CATERHAM F1 TEAM" and will use a “CATERHAM” chassis.

Apparently it also includes a working relationship between the parties as they will work together on future projects in the automotive field.

Group Lotus Chief Executive Officer Dany Bahar: “On behalf of Group Lotus and Proton I would like to express how pleased we are that this matter is finally closed and we can now focus on looking forward to the future.

“We understand that this has been a very difficult and confusing time for the fans of the sport and the Lotus brand so we are glad to have reached a clear resolution on this important matter – I would like to take this opportunity to thank our fans for their continued support, it means everything to us.”

Riad Asmat, Group CEO: "We are proud of what we have achieved by bringing the Team Lotus name back to Formula One when many tried and although we are sad to say goodbye to Team Lotus we are excited about owning our own future and being in control of our own destiny. Now we have no one to be compared to. We make our own history and we will remain green and yellow.

"Now we look forward to an exciting future racing under our new team name of Caterham F1 Team. Please continue to support our very special spirit of never say die and support us on the track as we move up the field and demonstrate that the good do win."