The Litespeed F3 team approached Malaysian entrepreneur Tony Fernandes, who already sponsored the Williams team through his AirAsia airline. Litespeed F3 had previously made their own bid to enter the 2010 season with the Team Lotus name, but were not awarded an entry. Lotus Racing's debut marked the return of the Lotus name as a constructor to Formula One for the first time since , when the original British company Team Lotus stopped competing in Formula One.
