Two days ago, Litespeed, a British company has announced that it will enter the 2010 F1 season with a new team that will use the Lotus name. The company also stated that it has received the permission from Lotus Cars to use their name. Apparently Lotus Cars has a different opinion. In a recent statement, a spokesman from Lotus Cars said the company anything in its power to protect its name and brand image. It looks like Litespeed does not actually have the rights to use the Lotus name for its F1 team.
Lotus actually stated that it has no association with Litespeed and their intention to enter the 2010 F1 season bearing its name.
The rights for the Lotus name are held by David Hunt who bought them at the end of 1994.
[Source: WCF]
