As expected, Team Lotus has today confirmed that it has purchased iconic British sportscar manufacturer Caterham.

But despite growing rumours in recent days, no announcement has been made as to the future of the Formula One team, who are still battling to retain the use of the Team Lotus moniker. It had been suggested that they could switch to the Caterham name, but Fernandes appears keen to fight for the name made famous by Colin Chapman. However should he fail in his bid a change to Caterham seems his most likely option.

Speaking about his acquisition today, Fernandes said: “Caterham has a unique place at the heart of the motoring world. As well as being proudly and staunchly British, it has an enviable and uniquely unblemished reputation within the industry for performance, handling and engineering excellence.

“Caterham Cars has remained wholly faithful to Colin Chapman’s philosophy of ‘less is more’, and the DNA of the original Seven can still be traced to the newest additions to Caterham’s product offering.”