Today, Lotus Racing announced the not-very-surprising news that they are taking on the name Team Lotus.

The changes will happen gradually, but from 2011 Lotus Racing will be no more. Tony Fernandes secured the purchase of Team Lotus Ventures Ltd, owners of the rights to the name and logo of the much-loved team of old.

Fernandes says:

It’s difficult to express just what it means to us to now be able to say we are Team Lotus, one of the most iconic names in any form of sport worldwide, but we have been working very hard to make this dream come true, and today it has.

- Tony Fernandes

He adds that it was always the plan to bring the two companies together, and he thanks David Hunt - Managing Director of Team Lotus for "looking after the brand".

In January 1995, when I had the simply awful task of making the loyal Team Lotus personnel redundant, I promised them, the fans and the media that somehow we would return Team Lotus to F1™ in good order and properly funded. We had no idea of the huge difficulties we would have to overcome when I made that statement. Nevertheless, I simply would not allow the legacy of Colin Chapman’s extraordinary achievements to die and I want publicly to thank the many loyal individuals who have worked to reach what sometimes seemed an impossible goal.

- David Hunt

Yesterday, Fernandes tweeted photographs of the new Team Lotus and AirAsia tie-in, a green and yellow plane littered with the sponsors of the F1 team - and crucially, the new old logo.

It looks pretty good to me.