Team Lotus set for F1 return with Litespeed

Even without current grandees like Ferrari and McLaren, formula one could potentially have yet another famous name on the 2010 grid.

After entrants bearing the names March and Brabham - despite having no connection with their founders - lodged paperwork for next year's budget-capped championship, it has now emerged that F3 team Litespeed intends to race under the famed Team Lotus branding.

Litespeed's chiefs Nino Judge and Steve Kenchington worked with the English marque in formula one; Judge in aerodynamics and structure testing in 1989-1991, and Kenchington on suspension and control systems for 21 years.

They confirmed this weekend that they have been granted permission from rights holder David Hunt to use the Team Lotus name in 2010 and beyond.

"Litespeed was born from a similar British background -- a factor that was at the core of Colin Chapman's beliefs and subsequent success," said Judge, who would base the team in Norfolk at a facility used previously for Le Mans projects.

The original Lotus, founded by designer Chapman who died in 1982, was also based in Norfolk (UK).

Also involved in the new Team Lotus project is well-known F1 engineer Mike Gascoyne, while former Lotus driver Johnny Herbert has been recruited as commercial ambassador and driver manager.

Team Lotus, boasting drivers including Jim Clark, Ayrton Senna and Mika Hakkinen, won 13 drivers' and constructors' titles, and 73 grands prix, and last raced in Australia in 1994.