Legal action between V8 Supercars and Lucas Dumbrell Investments has been settled, the championship has confirmed.

As previously reported, the team has received its second Racing Entitlements Contract back from V8 Supercars ahead of the 2015 season.

The two parties had been engaged in legal action over the REC, which was one of three handed back to V8 Supercars at the end of last year.

“V8 Supercars and Lucas Dumbrell Investments have agreed to a settlement of their legal actions,” read a statement provided to Speedcafe.com by V8 Supercars.

“The settlement will result in Lucas Dumbrell Investments having the right to race two cars in the 2015 V8 Supercars Championship.

“The terms of settlement are confidential and the parties will make no further statement.”

The team currently has no confirmed drivers for next year, with Russell Ingall set to depart following this weekend’s Sydney NRMA 500

LDM’s second license was one of 25 entries received for next year by Monday’s deadline.

The other two RECs handed back in December, 2013, by Triple F Racing and Tony D’Alberto Racing respectively have not been entered, while James Rosenberg’s REC has also been parked.

CLICK HERE for Speedcafe.com’s earlier story on the 2015 grid