F1′s Enstone based team will keep the ‘Lotus’ name until at least 2017.

It emerged late last week that the sponsorship agreement between the team formerly known as Renault, and the Proton-owned carmaker Group Lotus, has ended.

But the team will at least keep its new chassis name for the foreseeable future, the French sports daily L’Equipe reveals.

“We are pleased to keep the name,” said team owner Gerard Lopez, “because it’s a great brand for F1.”

Group Lotus confirmed: “The F1 team uses the strength of the Lotus name to promote themselves, and in return Group Lotus benefits from F1 exposure and the ambassadorship of its drivers.”

The carmaker confirmed that the “financial arrangement” between Group Lotus and the F1 team has ended.

L’Equipe said the Genii-owned team is currently in talks with a major North American company about becoming the new title sponsor.

Group Lotus will no longer sponsor the formula one team that bears its name.

But – as F1′s perpetually bizarre ‘Lotus’ saga takes another twist – the Enstone based team, formerly Renault, will continue to be known as Lotus in the coming years.

Last year, and in 2010, ‘Lotus’ was the name of the team that is now called Caterham, but a bitter dispute soured that relationship as the Proton-owned car company Group Lotus ended the naming license and made its own bid to enter F1.

Group Lotus’ new foray blossomed in 2012 with Renault’s renaming to Lotus, amid speculation team owner Genii was keen to get more involved with the iconic sports car marque.

When asked recently about his team’s relationship with Lotus, Kimi Raikkonen answered clumsily on the Top Gear motoring programme: “Well it’s, er, it (the car) is not a Renault. Lotus is just a sponsor.”

The Autosport website revealed on Good Friday that the sponsorship deal has been “terminated”.

However, “We are happy to carry the Lotus name as we believe it is a good name for F1,” explained team owner Genii’s Gerard Lopez.

“So Lotus are still Lotus despite no longer being sponsored by Lotus?” the Telegraph’s Tom Cary wittily surmised on Twitter.

And in yet another twist, Lopez refused to rule out a scenario in which Genii actually takes over Group Lotus.

“We don’t know yet, because we really do not know what the new owner wants to do with it,” he said.

Tony Fernandes on Friday admitted he would like Group Lotus, the Proton-owned maker of British sports cars, to be involved with his formula one team.

But in reality, Lotus Racing – Fernandes’ entirely separate Malaysian-owned outfit – and Norfolk based Group Lotus, seem to be moving even further apart.

Group Lotus is reportedly retracting the license for the Lotus Racing moniker, meaning Fernandes has had to buy the separate and historic Team Lotus name in order to continue to be called Lotus in formula one.

At the same time, the Malaysian airline millionaire admitted he was surprised when he learned that Group Lotus is getting involved in GP2 next year with the top team ART.

Asked pointedly in Singapore if there is a link between Lotus Racing and Group Lotus’ new motor racing plans, he answered: “No.”

Fernandes admitted that, when originally founded by Colin Chapman in the 50s, Group Lotus and Team Lotus were entirely cooperative.

“Of course they cooperated and of course we would like to cooperate but if Group Lotus doesn’t want to then there’s not much we can do about it,” he said.

“The door is always open,” continued Fernandes. “It makes sense if they did.

“If I was sitting there and there was a formula one team going around the world with 20 races, promoting a brand, if I was the CEO, I would definitely want to get involved, especially if I’m not putting any money in it,” he added.