The Lotus name is poised to disappear into the F1 wilderness again

The Lotus team will be renamed Renault as early as 2016 if the French manufacturers complete their takeover of the Enstone-based team, chief executive Matthew Carter has indicated.

Renault remain in the process of buying back the team they sold to Gerard Lopez's Genii Capital in 2009 and reviving a 'works' outfit.

Carter insists "confidence is very high" that a takeover deal will be finalised in the coming weeks, with Lotus having been given until December 7 to complete the transaction after the High Court agreed to an adjournment in its case over unpaid taxes.

Should the deal duly go through then there has been speculation over whether Renault, who are set to buy a controlling stake, will immediately rebrand the team under their own name or wait until 2017. When they previously bought the Enstone outfit from then owners Benetton in 2000 the car firm waited another two seasons before changing the team name while they waited for the outfit's competitiveness to improve.

However, asked in an interview with F1's official website if the historic Lotus name would disappear from the grid once the takeover is completed, Carter replied: "If the deal with Renault goes through, then yes.

Lotus last ran under the Renault name in 2011, albeit with title sponsorship from Group Lotus

"Then the team will not be called Lotus - then the name will fall out of Formula 1. Right now we have a license to use the name Lotus - and that license will be terminated. So someone else could go for that name!"

The Lotus name is one of the most famous in F1 history - although the team currently carrying the brand is not linked to the original Team Lotus founded by Colin Chapman, which won seven Constructors' Championships between 1963 and 1978.

After Team Lotus folded in 1994, Tony Fernandes ran his start-up outfit under the Lotus name under licence from Malaysian car firm Proton in 2010 before the two sides became embroiled in a bitter legal dispute. That led to the latter title sponsoring the Enstone team, which created the confusing situation of two Lotus-branded teams on the grid in 2011 before Fernandes switched his team's name to Caterham.

The retention of a team's chassis name is often linked to the receiving of prize money due from the previous season, although Renault have already been negotiating with Bernie Ecclestone over receiving additional 'historical' payments in recognition of their status as past title winners.

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And although the French firm's takeover is not yet concluded, Carter said: "Renault issued a letter of intent, so behind the scenes the Renault and Lotus senior management are working flat out to make sure that we get the deal done.

"Things are progressing, but these things take time. I am confident that the deal is going to happen, but as I said, it needs time to get it across."

Reports in recent days have suggested that Renault could announce the deal at the season-ending Abu Dhabi in the final week of November. But until the deal is formally completed, Carter says the team continue to work on two scenarios for 2016.

"We have two options for an engine next year: either we go with Mercedes or Renault," he added. "We are progressing along that route. We've got two designs for next year's car and we are pushing forward with both options."

Lotus have already confirmed their driver line-up for 2016, with third driver Jolyon Palmer promoted to the seat alongside Pastor Maldonado after Romain Grosjean's defection to newcomers Haas.

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