Date: 4th November 2011 at 9:12am
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The Formula One Commission have approved the proposed name changes of three Formula One teams for next season.

F1 bosses met in Geneva on Thursday and agreed the proposals made by Team Lotus, Renault and Virgin Racing.

The next step of the process is on December 7 when FIA’s World Motor Sport Council meets to formally ratify the agreement, but considering FIA president Jean Todt is a member of the F1 Commission, this is likely to be a formality.

The decision brings a rather messy affair to an end, with the confusion regarding the use of the Lotus name in Formula One now over.

Team Lotus will now become Caterham, while Renault who have run the 2011 season with strong Lotus branding on the car will now be known as Lotus.

Virgin Racing’s decision to change their chassis name to Marussia [the teams Russian sportscar partner] was also approved.