By Sportsmail Reporter
Last updated at 12:57 AM on 1st February 2011

Renault Formula One team owner Gerard Lopez has hit out at Team Lotus boss Tony Fernandes over the battle for the use of the Lotus name, insisting the row is to do with money.

Lopez's company, Genii Capital, are in sole control of the Renault team and have a deal for Group Lotus to be their title sponsor for the new F1 season.

Renault launched their 2011 car in Valencia yesterday, its livery harking back to the black and gold Lotuses of the 1970s and '80s. 

Blast: President Gerard Lopez (centre)

Blast: President Gerard Lopez (centre)

But Fernandes is determined to continue using the Lotus name this season, having resurrected the team last year.

Indeed, Team Lotus released pictures of their car online yesterday.

Lopez said: 'It's all about money. They stand to lose money if they change their name, and they should be honest and say that.'