Sep.12 (GMM) New F1 team Lotus Racing looks set to revive the historic 'Team Lotus' name for the 2011 season.

The Malaysian-owned team currently uses the Lotus name under license by Lotus Cars, the British sports car maker based in Norfolk.

It was rumoured earlier on Sunday that the Tony Fernandes-run team is set to lose the license due to the Force India/Aerolab legal action, but also because Lotus Cars wants to prioritise the use of its name for its American motor racing programmes.

Therefore, the latest solid rumour is that Fernandes has arranged to use the Team Lotus name next year by buying it from David Hunt, who acquired the rights to the name when the original F1 team folded in 1994.

Fernandes would not confirm the speculation at Monza, but he said on BBC television: "The future of Team Lotus, Lotus Racing, is in our hands."

He also hinted strongly that a deal has been struck to move from Cosworth to Renault power for 2011, and that Heikki Kovalainen has signed a new deal for 2011.

Referring to the Finnish driver, Fernandes said: "I hope we have a long, long career together."

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