will the real slim shady please stand up..

GROUP Lotus plc and Genii Capital have formed a partnership which will see the Renault F1 Team renamed as Lotus Renault GP for the 2011 racing season.

The title sponsorship agreement will run until the 2017 season.

Group Lotus will acquire a major equity stake in the team from Genii Capital.

For 2011, the Lotus Renault GP cars will race in a new interpretation of the iconic black and gold colours that were last used when Lotus and Renault joined forces in the 1980s.

The partnership between Lotus and Genii brings the ability to quickly incorporate new technologies from F1 cars into Lotus road cars, including hybrid technology, kinetic energy recovery systems, aero advancements and lightweight materials.

Genii, an investment holding company with a portfolio of automotive technologies, brings non-F1 technologies such as lightweight braking systems, variable compression engine technology and on board software systems to the partnership.

Group Lotus CEO Dany Bahar said, "I can think of no better platform for automotive brand communications than motorsport and F1. We are aware that there has been a lot of controversy around the usage of our brand in F1 and I am delighted to be able to formally clarify our position: We are Lotus, and we are back."



Datuk Sri Mohd Nadzmi Mohd Salleh, chairman of Proton, the majority shareholder of Lotus, said: "We know that Group Lotus has much to offer Formula 1 and vice versa. After careful consideration, we believe this arrangement will be fruitful, both from a commercial and marketing point of view."



Tun Dr Mahathir Mohamad, Proton advisor, said: "This is an exciting development which delivers strategic benefits to both Group Lotus and Proton."



Carlos Ghosn, chairman and CEO of Renault, commented: "This multi-partner alliance will bring new dynamics to the team and enable it to compete with the sportís best from next season."

Genii can also offer Proton the ability to leverage on its existing business relationships in Russia and other parts of the world.

Through Genii, Proton can also potentially access advanced automotive technologies by virtue of Geniiís association with Mangrove, a venture capital group.

Gerard Lopez, founding partner of Genii Capital, said, "For Group Lotus, access to Formula 1 opens up new marketing opportunities and a major platform for business exchanges and development. In this regard, Genii Capital possesses shareholdings in, and direct access to, cutting edge companies in the automotive industry. Our tie-up with Group Lotus and Proton, which will enable its future road car ranges to take advantage of significant new technologies, is a natural step."

The drama that is brewing between the new Lotus Renault GP and Team Lotus headed by Datuk Seri Tony Fernandes has put Malaysia under the spotlight.

Sources informed us that Group Lotus has already been planning to go into Formula One and the budget has been allocated.

Team Lotus, on the other hand, has been reported to forge ahead with its racing plans for next year, also using a Renault engine.

Whether the focus on these two Malaysian teams will bring good to the country is yet to be determined.

In the meantime, let's just sit back and enjoy the drama, and hope that it brings some good for the taxpayers.