Lotus engineering Ltd was established by Colin Chapman in 1952 at UK. Lotus achieved an vast name and success in introducing several great cars as their finest engineering products. Renault being one of the leaders of F1 racing revealed a new faced car under team Lotus cars.
The Icon of Team Lotus, the black-and-gold coloured insignia returned to F1 as the costume of the Lotus Renault GP team. It was totally sponsored by the Lotus Cars. Later in the year 2012, the team was renamed and rebranded by the new brand name “Lotus F1 Team”.
Lotus Renault GP had received the rights for Name LOTUS by the year 2012 and was later renowned as Team F1.
The decision was came into lights when Mr Peter Justice Smith gave permission to Mr Fernandes to name his F1 Team Lotus after he purchased the rights from David Hunt (the previous owner) by making verdict in high court finally.