Team Lotus renews engine deal with Renault

Lotus and Renault have extended their Formula One partnership for 2014 and beyond, both sides announced in a statement on Thursday.

The deal was seen as a formality, with Lotus testing in Bahrain this week with their new car ahead of the season starting in Australia on March 16.

Lotus, the former Renault-owned team, had financial problems last season and were the last to announce officially their engine supplier.

Renault are also supplying power units to champions Red Bull, sister team Toro Rosso and Malaysian-owned Caterham. Mercedes and Ferrari are the sport's other engine makers.

"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," said Lotus chief executive Matthew Carter.