Lotus Racing supremo Tony Fernandes is confident the foundations are in place to take the re-born F1 team on towards a successful future.

The Norfolk-based outfit today officially launched their new T127 car for 2010, which begins with the Bahrain Grand Prix in Sakhir on March 12 and will see the famous gold and green return to the sport for the first time in 16 years, with Jarno Trulli and Heikki Kovalainen behind the wheel.

AirAsia founder Fernandes, who last month saw his proposed takeover of Barclays Premier League club West Ham fall through, admitted the weight of history was on their shoulders as the team follow in the footsteps of Sir Sterling Moss, Jim Clark, Graham Hill, Aytron Senna, Nelson Piquet and Nigel Mansell, who was present for this afternoon's launch at London's Royal Horticultural Halls.

However, the Malaysian businessman - who bought the rights to the name and is racing with the blessing of the family of Team Lotus founder Colin Chapman - accepts there is a stark sense of reality weaved in with all that history.

Fernandes said: "I hope this year will be the start of the building block, to build a strong foundation.

"We are under no aspirations we are going to be up there with McLaren and Ferrari.

"Our first objective would be to have a car which is reliable - if we can finish every race, that would be a phenomenal start.

"From that reliability if we can build to beating the new teams and then challenge some of the more established teams, that would be a great target.

"We are not here to come last every year, and while we are not going to be challenging the front this season, within three or four we have the ability. It is in our hands."

Fernandes added: "We know we have a huge burden on our shoulders, standing on the shoulders of giants - Clark, Moss, Hill, and Mansell.

"We know we have a tremendous journey in front of us, we are honoured and cherished to be a part of history - we will leave no stone unturned in our efforts and we will do our best to return Lotus to its glory days."

Lotus Racing were only awarded their franchise in September, and it is an achievement in itself to build a car ready for testing in such a short space of time ready to run alongside other teams at next week's test at Jerez.

Technical director Mike Gascoyne, formerly at Renault and Toyota, maintained the team were determined to prove themselves next season as one of four new teams on the grid, along with Virgin, Campos Meta and USF1.

"My first target was to get here with the car, so that feels like a race win," said Gascoyne, who grew up near the Lotus factory in Hingham, Norfolk.

"It is not about where we are in race one, we have got to be solid and professional.

"It is about where we are in race five, where we are race 10 and race 18, because if we are not racing people to score points, then the drivers will be kicking me, and I don't like that.

"It is all about the progression of the team - we have done the first hurdle, now we need to make it into a proper racing car.

"We have got to be racing for points at the end of the year."

Italian Trulli raced for the now defunct Toyota team last season.

The 35-year-old is excited by the new challenge.

"What has happened is really an achievement," he said.

"When I first walked in to the factory, I said: 'Wow, there is nothing. How can a Formula One car be ready in four months?'

"At the end of the day, I had to take a kind of a gamble, but on the other hand, I knew these guys were presenting a brand which is second only to Ferrari in motor sport.

"We all have a big responsibility, and that is why this has happened, with people who are all serious about it.

"We cannot aspire to join the club this year and straightaway be the best, but we know what our goals are.

"You will not believe the atmosphere we had at Silverstone where for the first time in 16 years, the green and yellow car with the Lotus brand hit the track for the first time.

"That was something really special, now we have to learn and get the whole team rolling."