Peace breaks out in Lotus war

The long-running naming rights row surrounding the Lotus and Team Lotus brands has finally been resolved.

The issue saw the Lotus name dragged through the High Court earlier this year, however both parties have now agreed settlement terms.

Team Lotus, run by Malaysian entrepreneur Tony Fernandes, and Group Lotus, who this season have been title sponsor of Renault, both claimed ownership of the name Lotus. Next season Team Lotus will become Caterham, and Lotus Renault will retain its name. The Group Lotus chief executive Dany Bahar said: "I would like to express how pleased we are this matter is finally closed and we can now focus on looking forward to the future."