Team Lotus isn't Team Lotus any more. Lotus F1 team is pleased.

One of the biggest off track F1 battles of the last few years is finally over. Tony Fernandes' team, Team Lotus, is set to officially change its name, while all of the Lotus names Team Lotus went by will return to actual Lotus' Norfolk hands.

Fernandes and Lotus reached a settlement, the full details of which haven't been disclosed, over the names. Here's what's going to happen:Team Lotus is changing its name to Caterham F1 Team (how inspiring) and will be using a Caterham chassis (as in – designed by Caterham, not a modified Superlight chassis).

Lotus gets to keep the Team Lotus name for itself (does this mean Lotus Renault will change name?) and the sole rights to use the Lotus/Team Lotus names.

Lotus head honcho Dany Bahar commented: ""On behalf of Group Lotus and Proton I would like to express how pleased we are that this matter is finally closed and we can now focus on looking forward to the future. We understand that this has been a very difficult and confusing time for the fans of the sport and the Lotus brand so we are glad to have reached a clear resolution on this important matter – I would like to take this opportunity to thank our fans for their continued support, it means everything to us."

So that's that then, right? Lotus Renault can now be called Team Lotus, Lotus or Lotus Renault depending on how Dany's feeling on any given day. While Caterham F1 Team (formerly Team Lotus) gets the most awkward sounding handle on the grid.

Still, it's not as bad as racing for HRT.
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