Gerard Lopez

Lotus have set their sights on a top-three finish in this year's Formula One world championship after becoming the first team to unveil their car for the forthcoming campaign.

Team bosses Friday balked at the prospect of buying shares in Formula One -- and urged swift cost-cutting reforms to stop cash-strapped competitors going to the wall.

Flying Finn Kimi Raikkonen is to return to Formula One racing next season after signing a two-year deal with Lotus Renault GP, the team announced on Tuesday.

Malaysia's national carmaker Proton said Wednesday that it had no plans to sell a stake in loss-making British-based unit Group Lotus to Luxembourg-based Genii Capital.

Aviation tycoon Tony Fernandes said he had rejected a six million pound ($9.7 million) offer to settle the Lotus naming dispute that has embroiled two Formula One teams.

Lotus Renault will put Bruno Senna and Nick Heidfeld through their paces here at the weekend with the driver which makes most impression called up to replace injured Robert Kubica.

Renault says it will stay in Formula 1, announces deal with investment firm. Renault is staying in Formula One racing after agreeing Wednesday to sell a "large stake" in the team to a private investment firm to keep the cars on the grid in 2010.

Renault confirmed Wednesday they are to remain in Formula One after selling off a large part of the team to Luxembourg company Genii Capital.

Renault will compete in Formula One next season after agreement was reached on its future, the BBC reported on Friday.