FIA confirms team name changes for 2012

Reuters : Formula One’s governing body agreed name changes for three of the 12 teams on Sunday that will end confusion over the Lotus name and see the Virgin brand disappear from the list of chassis makers.

The International Automobile Federation (FIA) said in a statement that for 2012 Team Lotus would become Caterham F1 Team with the chassis name switching from Lotus to that of the niche sportscar maker. Group Lotus-sponsored Renault will still be known as Lotus Renault GP but the chassis designation will switch from Renault to Lotus. Virgin Racing will take the name of its major Russian shareholder as Marussia F1 team. The changes were agreed at a meeting of the Formula One commission, chaired by F1 supremo Bernie Ecclestone, at a meeting in Geneva on Thursday and details had already leaked out to the media.

Formula One had two Renault-powered Malaysian-backed teams using the Lotus marque this season -- Team Lotus owned by aviation entrepreneur Tony Fernandes and Lotus Renault who are no longer owned by the French carmaker. Team Lotus entered Formula One as Lotus Racing last season but then fell out with Group Lotus and their parent company Proton.