Last week the rumors of the Lotus/Cosworth/KV Racing Technology arrangement became fact, although it's still unclear what exactly the whole deal means. It might mean Lotus will one day again create an IndyCar chassis, or that Cosworth will soon return with an IRL-approved engine.

It definitely means KVRT will have SMOKIN' HOT historically-themed liveries like this.

The classic Racing Green and Yellow livery used on Lotus Racing cars in the 1950s and ‘60s returns to North America, with its debut on the No. 5 KV Racing Technology car in the Honda Grand Prix of St. Petersburg on March 28.

Lotus and Cosworth have entered into a technical and commercial partnership with the IZOD IndyCar Series team. The car will be driven by former Formula One driver Takuma Sato.

“This is fantastic news for everyone,” said Sato, who made his IZOD IndyCar Series debut on the streets of Sao Paulo, Brazil, on March 14. “It is exciting for me to be a Lotus driver and I’m really looking forward to great success with this new project.”

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Jimmy Clark, Graham Hill, and...Takuma Sato? Who'd have thunk it?

You can't believe everything you read on blogs, but blah blah blah...how about some crazy rumors about Lotus creating a two-car team and replacing Honda as an engine manufacturer?

Rumors are swirling that Lotus Group is looking to join the Indycar Series in 2010 as a way to promote the Lotus brand. James Rossiter is supposedly being backed by Lotus in 2010 at KVRT as a Team Lotus USA/KVRT car. James tested at Barber with KVRT and ran around the middle of the pack.

However, this story keeps evolving. Today Autocar is reporting that Lotus has confirmed they will be returning to Indycar racing at the season opening event in Sao Paolo on March 14th.

"Although full details are yet to be confirmed, it is expected a Lotus-branded team will run two cars in the championship under the Team Lotus USA banner. They will be Dallara built and Honda powered."

(MORE from The Other Side)

The Autocar article states emphatically that Lotus is seeking a major role in the series.

Currently Honda supplies the 3.5-litre V8 powerplants in Indycar, but Lotus is said to be considering a bid to takeover the supply when Honda's contract ends in 2011.

What does it mean? I have no idea. This post is for the gearheads. And the British fans. And The Stig.

UPDATE: Guest Contributor Declan Brennan has gently reminded me that he was alluding to this very story last week here at My Name Is IRL.

*pounding head on desk*