The International Automobile Federation (FIA) said in a statement that for 2012 Team Lotus would become Caterham F1 Team with the chassis name switching from Lotus to that of the niche sportscar maker.

Group Lotus-sponsored Renault will still be known as Lotus Renault GP but the chassis designation will switch from Renault to Lotus.

Virgin Racing will take the name of its major Russian shareholder as Marussia F1 team. The changes were agreed at a meeting of the Formula One commission, chaired by F1 supremo Bernie Ecclestone, at a meeting in Geneva on Thursday and details had already leaked out to the media.

Team Lotus entered Formula One as Lotus Racing last season but then fell out with Group Lotus and their parent company Proton.