Lotus Racing is to be rebranded Team Lotus from next season as the marque rediscovers its roots.
Team principal Tony Fernandes has acquired Team Lotus Ventures Ltd, the company led by David Hunt since Team Lotus was last on track in 1994.
Under that agreement Fernandes now has complete ownership of the historic rights and goodwill of the Team Lotus brand and heritage.
Fernandes said: "It's difficult to express just what it means to be able to say we are Team Lotus, one of the most iconic names in any form of sport worldwide.
"We have been working very hard to make this dream come true, and today it has.
"After our first year in Formula One, we believe we are ready to do justice to the legacy we have inherited.
"It was always important to us that Lotus Racing and Team Lotus could be brought together to unite the past and the present, and now we have done so."
Hunt, managing director of Team Lotus for the last 16 years, always had hope such a day would arrive.
"In January 1995, when I had the simply awful task of making the loyal Team Lotus personnel redundant, I promised them, the fans and the media that somehow we would return Team Lotus to F1 in good order and properly funded," said Hunt.
"We had no idea of the huge difficulties we would have to overcome when I made that statement.
"Nevertheless, I simply would not allow the legacy of Colin Chapman's extraordinary achievements to die.
"The custodianship of the iconic brand and history now passes from me to Tony.
"I look forward to assisting the team towards scoring Team Lotus' 80th grand prix win - that will be the day when all the effort of the past 15 years will finally seem worthwhile."