Caterham managing director Ansar Ali said Wednesday's news was the "first step", with a "full branding and platform" to be laid out "in due course".

"I think it will excite all the staff at Caterham, and all the fans of Caterham Cars," he added.

Team Lotus boss and new Caterham owner Tony Fernandes said the move is to give his formula one team a "commercial arm" in the sports car world.

It has been said the tie-up could be a neat move for Fernandes away from his bitter F1 naming dispute with Group Lotus, who as Renault title sponsor now want to be the only 'Lotus' in F1.

"This isn't being done just in case we lose the case," he insisted to Reuters.

"I and the shareholders want to wait and see what happens with the court case and then we'll make plans from there," added Fernandes, referring to the High Court verdict that is due in the coming weeks.