There will be just one team bearing the Lotus name in next year’s Formula One championship.

Motorsport’s ruling body has approved Renault’s switch to call itself Lotus, with Team Lotus becoming Caterham. Virgin Racing will also rebrand as Marussia.

Team Lotus and car company Group Lotus had been in dispute over the use of the famous name.

With the support of F1 supremo Bernie Ecclestone, the FIA said on Sunday that a meeting in Geneva on November 3 had led to an agreement on the team name changes.

Renault is fifth in this season’s constructors’ championship. Lotus and Virgin have yet to score a point.

Keywords: Formula OneRenault

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