Lotus Racing have agreed in principle to end their contract with Cosworth and recent rumours linking them with Renault as their engine supplier for 2011 have been confirmed in the press. Cosworth returned to F1 in 2009 in a deal worth a reported £50m to the company so this will come as a blow however HRT and Virgin, the two other new teams in F1 are sticking with the supplier.

“Cosworth has reached an agreement in principle with Lotus Racing whereby the team’s Cosworth engine supply agreement will come to a conclusion at the end of the current Formula 1 season,” Cosworth said in a statement. “This agreement is subject to contract and until the agreement is signed, neither party will be making any further comment.”

Lotus Racing have also recently secured the rights to rename themselves ‘Team Lotus‘ as they were under Lotus founder Colin Chapman’s reign which saw 7 constructors championships and 6 drivers championships making them the 4th most successful F1 team ever.

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