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The team was - and is - no more Renault than lotus. It is a unique racing team, with no links to road car development. The only determining factor is who is funding it. It used to be Renault, now lotus. Therefore it is perfectly logical and reasonable to change from french to British ownership on the license.
P/S it is perhaps a moot point anyway, since as much as some would like, unfortunately i can't imagine we will be hearing the anthem on this teams behalf in 2011!