Romain Grosjean of France and Lotus drives during day two of Formula One Winter Testing in Bahrain. (Photo: Getty Images)

Romain Grosjean of France and drives during day two of Formula One Winter Testing in Bahrain. (Photo: Getty Images)

has finally officially confirmed that it has concluded a deal with Lotus for “2014 and beyond.”

Although the two parties have prepared for this season as normal the contract was not signed until commercial arrangements were completed. The delay is a clear indication of the difficult financial situation at the team.

Lotus team CEO Matthew Carter said: “Lotus F1 Team and Renault Sport F1 have enjoyed a successful partnership these past few years and we look forward to continue to build on our relationship and collaboration in 2014 and beyond. It is the beginning of a new era in and we are pleased to embrace it together with Renault Sport F1.”