Last Updated: Sun, 07 Jun 2009 12:05
The Lotus name looks set to return to Formula 1 next season after 16 years with Litespeed securing the rights to the name for 2010.
Lotus were big players on the F1 circuit during the 1960s and '70s, winning seven constructors' crowns and six drivers' championships.
Legends Jim Clark and Damon Hill's father, Graham, both claimed the sport's ultimate prize in a Lotus but financial troubles saw the demise of the team in 1994.
The Norfolk-based Litespeed team have bought the rights to the name Team Lotus and have submitted an entry for the 2010 championship as a "cost-capped" team.
Former Toyota and Renault technical director Mike Gascoyne will head up the project and he is looking forward to bringing one of the iconic names back into the sport next year.
"For me to continue my F1 career under the banner of the Team Lotus name and help to bring it back to its deserving place in the world championship is a fantastic feeling and something that I am extremely proud to be doing," he said.
The FIA will announce which teams have been successful in gaining entries on 12 June.