Lotus, Renault, Virgin set for 2012 name changes

The F1 Commission has approved the name changes put forward by three Formula 1 teams for next year's world championship.

After an extended debate over the Lotus name, the current Lotus team will become Caterham while Renault will become Lotus.

Renault had already featured Lotus branding and a black and gold detailing on their cars and have now obtained exclusive ownership of the famous name.

Virgin Racing will become Marussia, a Russian sports car manufacturer, in 2012.