Proton, Group Lotus, 1Malaysia Racing Team and its owner Tony Fernandes have announced that the legal dispute in the English Courts relating to the "Lotus" and "Team Lotus" brands has now ended amicably with the parties agreeing settlement terms earlier this month.

The terms of the settlement are confidential but the deal sees the "Lotus" brand reunited under the sole ownership of Group Lotus. This includes the rights to the "Lotus" and "Team Lotus" names in Formula 1 motor racing.

1MRT will race in the 2012 Formula 1 season under the name "Caterham F1 Team" and will use a "Caterham" chassis.

The deal also sees a working relationship established between the parties and they will work together on future projects in the automotive field.

"On behalf of Group Lotus and Proton I would like to express how pleased we are that this matter is finally closed and we can now focus on looking forward to the future," said Group Lotus Chief Executive Officer Dany Bahar. "We understand that this has been a very difficult and confusing time for the fans of the sport and the Lotus brand so we are glad to have reached a clear resolution on this important matter - I would like to take this opportunity to thank our fans for their continued support, it means everything to us."

"We are proud of what we have achieved by bringing the Team Lotus name back to Formula One when many tried and although we are sad to say goodbye to Team Lotus we are excited about owning our own future and being in control of our own destiny," added Riad Asmat, Group CEO. "Now we have no one to be compared to. We make our own history and we will remain green and yellow.

"Now we look forward to an exciting future racing under our new team name of Caterham F1 Team. Please continue to support our very special spirit of never say die and support us on the track as we move up the field and demonstrate that the good do win."