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Alan D - I can't share your logic that Renault are still Renault despite who owns it. If that was the case then they aren't Renault at all but are actually Toleman, and nothing to do with the Renault team of the late 70s (engine excepted). And by your rationale Mercedes are nothing to do with the team that raced in the 30s and 50s but are in fact Tyrrell (and even their engines are actually Ilmor!). Red Bull are Stewart, Torro Rosso are Minardi etc.
If Proton had bought an existing team and called it Lotus wouldn't that be as bad as what Fernandes has done?