Group Lotus has become title sponsor and a major shareholder in the rebranded Enstone-based Lotus Renault GP Team.

Renault has sold its stake in its F1 team back to co-owners Genii Capital and will focus on being an engine supplier.

Next year, the team will run in iconic black and gold livery, a re-working of the livery that was last used when Lotus and Renault joined forces in the 1980s.

The title sponsorship deal with Group Lotus is due to run until the end of the 2017 season, with Renault committing to supply engines to the team for a number of years.

Gerard Lopez, chairman of Renault F1 Team, said: "We are delighted that we can now go public with the news that we will be racing as Lotus Renault GP in 2011.

"It is extremely exciting to begin a new era for the team in partnership with Group Lotus, and we will continue to enjoy a strong relationship with Renault over the coming seasons.

"It is a tribute to the excellent work this year by the team in Enstone that we have been able to attract both major sponsorship and new investment for a very bright future.”

Group Lotus said the deal would provide 'significant technological and commercial opportunities for its range of road cars'.

Group Lotus chief executive Dany Bahar said: "I can think of no better platform for automotive brand communications than motorsport and F1 is the very pinnacle of open-wheel racing.

"We're well aware that there has been a lot of controversy around the usage of our brand in F1 and I'm delighted to be able to formally clarify our position once and for all: we are Lotus and we are back."

The announcement of Group Lotus' plans for 2011 comes despite Tony Fernandes pushing on with his plans to race as Team Lotus next year - with his team also having Renault engines.

Renault later issued a statement saying its Renault Sport F1 company, based in France, would be supplying three F1 teams with engines in 2011.

Renault said it would supply:

  • Lotus Renault GP: Renault will be supplying engines and technological support to Lotus Renault GP, the team that previously competed under the name of Renault F1 Team and with which it won two world championships in 2005 and 2006.
  • Red Bull Racing Renault: the 2010 world champion has been using Renault engines for four seasons. It has extended the partnership for a further two years.
  • Malaysia Racing Team (UK): a new customer for Renault in 2011. This team made its F1 debut in 2010. It has a sound technological base with the Renault engine and Red Bull technology transmission.