Lotus and Renault are working "flat out" to complete their takeover talks, according to the Enstone team's CEO Matthew Carter.
Renault signed a letter of intent to purchase the Lotus team in late September but there have been few public updates on the talks since. Carter insists the deal is progressing well and says confidence at Lotus is "very high".
"Renault issued a letter of intent, so behind the scenes the Renault and Lotus senior management are working flat out to make sure that we get the deal done," Carter told the official F1 website. "Things are progressing, but these things take time. I am confident that the deal is going to happen, but as I said, it needs time to get it across."
Lotus is currently powered by Mercedes, which it switched to from Renault after a disappointing 2014 campaign. With a deal not done Carter admits there is a contingency plan involving Mercedes for 2016 which would keep the team on the grid.
"We have two options for an engine next year: either we go with Mercedes or Renault. We are progressing along that route. We've got two designs for next year's car and we are pushing forward with both options ... We know that in business anything can happen and as long as there are no signatures on the documents the deal is not concluded -- but confidence [in Renault] is very high!"
Pressed on the possibility of using Mercedes power next season, Carter replied: "That is a rather unlikely option that we will go into the 2016 season with a Mercedes engine. And if we were to, yes, that would mean that the Renault deal felt flat. But my strong guess is that it will be a Renault engine next year."
Carter also revealed the deal would see Renault buy the controlling stake in the team.
Asked if Lotus would drop its current name in that instance, Carter said: "If the deal with Renault goes through, then yes. Then the team will not be called Lotus -- then the name will fall out of Formula One. Right now we have a license to use the name Lotus - and that license will be terminated. So someone else could go for that name!"