Briton Colin Chapman founded Lotus in 1948. He is pictured here alongside driver Jim Clark, who would go on to win a drivers' championship for the team.
(CNN) -- In the glitz and glamor world of Formula One, image is everything.
The leading teams such as Ferrari and McLaren have built formidable reputations off the back of on-track excellence.
Another constructor with a similarly lofty reputation is Lotus, a team which has origins dating back to a car made by Briton Colin Chapman which first raced in 1948.
Lotus went on to win six drivers' championships and seven constructors' titles before withdrawing from the elite division of motorsport in 1994 after entering administration.
The value of the 'Lotus' name
The opportunity to reintroduce such an historic name into F1 was one not be missed for a businessman looking to put a car on the track.
And so it proved. Malaysian Tony Fernandes, the owner of Air Asia and English football team Queens Park Rangers, resurrected the name for the 2010 season with the CNN-sponsored Team Lotus.
But the issue was complicated in 2011, when the Renault team announced a sponsorship deal which would see them renamed as Lotus. So how could a situation arise where two teams were competing under the same name?
"Last year we had the weird situation where two teams were calling themselves Lotus," associate editor of MotorSport magazine Ed Foster told CNN.
Australian Grand Prix: March 18, Melbourne
Formula One 2012: The circuits
"Team Lotus had the naming rights to use the name 'Team Lotus'. And of course there was Lotus Renault which was the Renault team that was sponsored by Lotus the car company."
A lengthy legal battle ensued, the result of which saw Renault buy the Lotus name from Team Lotus who were subsequently rebranded as Caterham F1. But why did both constructors go to such extreme lengths to secure the Lotus name?
"It's a huge name in the history of the sport and they wanted to heighten their profile," explained Foster. "If you've got a big name you'll attract the big sponsors.
"Even if Lotus wasn't at the front of the grid last year, they are still going to attract more sponsors than for example HRT.
The 2012 Formula One season sees the introduction of a four-hour limit for races, following last year's rain-delayed marathon in Canada. Charlie Whiting, the FIA's race director, explained the decision, telling the sport's official website: "Should four hours elapse during a future race, drivers will receive a signal telling them they have one more lap before the checkered flag."
Formula One rule changes for 2012
"Nobody knows who HRT are outside of F1, however I can ask my mother and she knows who Lotus is and that's the big difference. They can attract the sponsors, they get the money in and from that they can build a stronger team."
Lotus have a rich history in F1, with a list of former drivers which includes British double world champion Jim Clark, Austrian 1970 title winner Jochen Rindt and legendary Brazilian racer Ayrton Senna.
"Certainly Lotus dominated F1 to such an extent in the 60s that it became recognised as the place to go to get a quick car," explained Chapman's son, Clive. "My father had the reputation for designing fast cars."
Understandably, Renault, now Lotus, are delighted to have acquired their illustrious name. The two men who will be behind the wheel for Lotus in 2012 are 2007 world champion Kimi Raikkonen and Frenchman Romain Grosjean.
"We found a great partnership with a brand like Lotus which has a huge history in Formula 1," Lotus chairman Gerard Lopez said. "It made a lot of sense for us to take advantage of that."
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Germany-born Austrian driver Jochen Rindt holds a unique position within Formula One history. He won the drivers' championship in 1970, despite passing away after a crash at Monza midway through the season.
Brazil's Emerson Fittipaldi won another drivers' title for Lotus in 1972. He went on to claim glory once more in 1974.
Lotus were on top once again in 1978, when American Mario Andretti grabbed the title. Andretti enjoyed a glittering motorsport career, which saw him also race in IndyCar and NASCAR.
After withdrawing from the sport in 1994, the Lotus name returned to Formula One in 2010. Malaysian businessman Tony Fernandes bought the rights to the "Team Lotus" name.
After Renault announced a sponsorship deal with the Lotus car manufacturer in 2011, a situation emerged where two teams were competing under the Lotus name. A court case ensued, after which Renault emerged with the rights to the Lotus name for 2012.
As a result of the court case, Fernandes' CNN-sponsored team were rebranded as the Caterham team for 2012.
Malaysian Grand Prix: March 25, Kuala Lumpur 
Chinese Grand Prix: April 15, Shanghai 
Bahrain Grand Prix: April 22, Sakhir 
Spanish Grand Prix: May 13, Catalunya 
Monaco Grand Prix: May 27, Monte Carlo 
Canadian Grand Prix: June 10, Montreal 
European Grand Prix: June 24, Valencia 
British Grand Prix: July 8, Silverstone 
German Grand Prix: July 22, Hockenheim 
Hungarian Grand Prix: July 29, Budapest 
Belgian Grand Prix: September 2, Spa 
Italian Grand Prix: September 9, Monza 
Singapore Grand Prix: September 23, Singapore 
Japanese Grand Prix: October 7, Suzuka 
Korean Grand Prix: October 14, Yeongam 
Indian Grand Prix: October 28, New Delhi 
Abu Dhabi Grand Prix: November 4, Yas Marina 
United States Grand Prix: November 18, Austin 
Brazilian Grand Prix: Sao Paulo, November 25 
Teams can no longer use engine exhaust to produce large amounts of downforce -- a practice which has been prevalent for the last two years in the form of blown diffusers. Now exhaust pipes must exit in a defined area at the back of the car, not run along its underbelly.
Many of this year's cars feature a dramatic stepped-nose design. Whiting said this is to make sure the height of the nose was lower than the sides of the cockpit, therefore reducing the risk to the driver in the event of a collision.
In previous seasons, cars had to pass crash tests in order to compete in races. Now, cars must pass the FIA's 18 mandatory tests before the official preseason test events. "It is indefensible to have drivers testing cars in the winter that haven't met the safety standards we demand for a race," said Whiting.
As bizarre as it may sound, drivers have been told not to drive off the race track without good reason. "We've seen drivers taking shortcuts on in and out laps, either to save time or fuel," explained Whiting.
Pit stops are a crucial part of F1, and a race can be won or lost depending on how quickly the crew are able to replace a car's tires. In an attempt to save valuable time, teams have been known to power their wheel guns with compressed helium instead of air. But not anymore. "It saved fractions of a second," Whiting said. "It would have been a very expensive method of gaining no advantage."
The gulf in class between some cars means that the leading drivers often lap back-markers during a race. The safety car is deployed if there has been an accident on track or if conditions become dangerous. Drivers are not allowed to overtake each other under such conditions, but in 2012 strugglers will be able to un-lap themselves by going past the safety car and reforming at the back of the field.
Each driver is allowed 11 sets of tires to use over the course of a race weekend, but they must last through practice, Saturday qualifying and Sunday's race. Previously teams could only use three of their sets during Friday practice, but they will now be able to use as many as they like.
The highlight of any grand prix is seeing drivers attempt daring, fast-paced overtaking maneuvers. But now, when a driver has someone behind them, they are allowed to make only one defensive move to protect their position. This rule is to prevent potentially dangerous blocking strategies.
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