The Renault car firm has sold its remaining shares inside the eponymous Formula 1 team, which will be renamed Lotus Renault in 2011.
Renault was left with a 25% shareholding inside the team in 2010 right after selling the remainder to private investment group Genii Capital.
These shares have been sold to Genii and will be then taken by Lotus Cars, which is owned by Proton.
The move indicates there will be two F1 teams in 2011 with Lotus in their name.
The team that competed as Lotus Racing in 2010 will be renamed Group Lotus right after buying the historic rights to the name under which Lotus raced from the 1960s until collapsing with monetary difficulties in 1994.
Group Lotus boss Tony Fernandes, the proprietor of the Air Asia airline, is in dispute with Proton over the rights to make use of the Lotus name in F1.
The cars produced by Lotus Renault will still be referred to as Renaults - altering that would will need the permission of all of the other F1 teams.
A Renault F1 statement said: "Lotus plc will become a significant equity partner of Genii Capital in Lotus Renault GP, as well as the two parties have concluded a title sponsorship agreement that will run until the finish of the 2017 season."
It appears as if both teams plan to run their cars with black and gold liveries, reflecting the historic John Player Unique sponsorship of Lotus inside the 1970s and 1980s.
Renault and Lotus battling on track in the course of a check session in 2010
Renault's statement said: "For 2011, the Lotus Renault GP cars will race in a new interpretation of the iconic black and gold colours that had been final used when Lotus and Renault joined forces inside the 1980s.
"This livery, which has been on the drawing board for over two months so that you can reinterpret its iconic graphic signature to suit modern media needs, is sure to strike a effective chord with the sport's enthusiasts about the globe."
Lotus Racing announced its plans to make use of a black and gold livery at the season-ending Abu Dhabi Grand Prix in November.
Renault's statement continued: "Renault will continue its powerful support of the team with which it won the 2005 and 2006 globe championships, as a supplier of engines and technological and engineering expertise.
"Reflecting this technological support, Lotus Renault GP will continue to compete with the Renault chassis name and Renault will enjoy pre-eminent brand exposure on the livery."
Group Lotus boss Tony Fernandes
Proton's selection to buy into the Renault team and promote its Lotus brand will be the latest development in ambitious plans for future expansion by Lotus.
At the current Paris Motor Show, it announced plans to build quite a few new road cars and it has also said it will compete at Le Mans and in IndyCar racing inside the US.
The chief executive officer of Group Lotus, Dany Bahar, said: "I can assume of no better platform for automotive brand communications than motorsport and F1 will be the really pinnacle of open-wheel racing.
"We're well aware that there has been a lot of controversy about the usage of our brand in F1 and I'm delighted to be capable of formally clarify our position as soon as and for all: we are Lotus and we are back."
Group Lotus boss Fernandes responded on his page on social network website Twitter : "Dany Bahr has done us a favour. Never felt better about our future and Group Lotus.
He added: "Looks like [they're] attempting to hijack our black and gold thought."
Group Lotus technical officer Mike Gascoyne commented on his Twitter website: "Lotus, just like buses, you wait for ages and then two come along at as soon as. Rest assured, we are Group Lotus and we are here to remain."
Renault's selection to sell its remaining shares inside the team ends a 10-year involvement in F1 as a team proprietor.
The French car firm has been a competitor since buying Benetton Formula in 2000 and renaming it Renault for the 2002 season.
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