Apr.10 (GMM) F1's Enstone based team will keep the 'Lotus' name until at least 2017.
It emerged late last week that the sponsorship agreement between the team formerly known as Renault, and the Proton-owned carmaker Group Lotus, has ended.
But the team will at least keep its new chassis name for the foreseeable future, the French sports daily L'Equipe reveals.
"We are pleased to keep the name," said team owner Gerard Lopez, "because it's a great brand for F1."
Group Lotus confirmed: "The F1 team uses the strength of the Lotus name to promote themselves, and in return Group Lotus benefits from F1 exposure and the ambassadorship of its drivers."
The carmaker confirmed that the "financial arrangement" between Group Lotus and the F1 team has ended.
L'Equipe said the Genii-owned team is currently in talks with a major North American company about becoming the new title sponsor.