Lotus could be back on the Formula One grid

The famous Lotus name could return to Formula One in 2010 following a 15-year absence, after a proposed entrant secured permission to use the iconic brand.

Formula Three team Litespeed have secured a deal with current Lotus owner David Hunt to use the name if their entry is accepted.

"Team Lotus is synonymous with great British engineering and F1 innovation which easily demonstrate why ex-Lotus personnel would want to bring this championship-winning name back to the formula," said team boss Nino Judge. Litespeed said Johnny Herbert, who spent four seasons driving for Lotus in the early 90s, would also be involved in the team.

Lotus competed in 491 grands prix between 1958 and 1994, winning seven constructors' titles. Jim Clark, Graham Hill, Jochen Rindt, Emerson Fittipaldi and Mario Andretti all won drivers' titles for the fourth most successful team in the sport.

On Friday, governing body, the FIA, will announce the list of the 13 teams who will race next year. Other famous old names such as Brabham, Lola and March are also vying for entry, along with the United States-based USF1.