London: Formula One stakeholders approved name changes for the Renault, Team Lotus and Virgin Racing teams at a commission meeting in Geneva.
While none of the teams concerned would comment on the matter, which has still to be ratified by the governing FIA`s world motor sport council next month, several Formula One sources told Reuters on condition of anonymity that the three requests had been accepted.
The decision will end the confusing situation of having two Malaysian-backed Renault-powered Lotus teams on the starting grid and also of a Renault team no longer owned by the French car maker.
Renault will become Lotus, the team`s current title sponsor, next season while Team Lotus are changing their name to Caterham, the niche British sportscar maker they recently acquired.
The latter change will be the team`s third name in as many years after entering Formula One in 2010 as Lotus Racing and then becoming Team Lotus for this season.
Virgin Racing had asked to be called Marussia, the Russian sportscar maker that is their major shareholder and title sponsor.
The requests had to be approved by 18 of the 26 members of the Formula One commission, of which International Automobile Federation president Jean Todt is one.