Lotus nears return to Formula One in 2010

With more and more factory backed teams preparing to make a break from Formula One in 2010 due to conflicts regarding rule regulations and budget disagreements, it’s a welcome relief that there are a host of new entires for next season, like the USF1 effort, or a champion of the past like Lotus.

Last seen in 1994, Lotus is potentially seeking a comeback in Formula One to recapture some of that old glory it had back in its heyday when it won a total of seven world championships and boasted a field of Hall of Fame drivers that included world class drivers like Jim Clark, Graham Hill, Jochen Rindt, Emerson Fittipaldi and Mario Andretti.

The principal behind Lotus’ re-entry into Formula 1 is no other than Mike Gascoyne, the venerable F1 veteran who is now part of the Litespeed Formula 3 team that was able to secure the rights to use the Lotus brand in its bid to re-enter the prestigious world of F1.

Continued after the jump.