Almost right Dr K.
Fernandez (boss of last year's Lotus Racing, now Team Lotus) bought the naming rights from David Hunt (brother of James) who acquired the name when the old Team Lotus went bust. I think it has something to do with the old Pacific GP team who merged with Team Lotus at the end of 1994 and raced with the Lotus badge on the car until they themselves went bust at the end of 1995.
Proton own Group Lotus (i.e. Lotus road cars) which they bought when the company splintered in the mid 90s. They don't own, nor never have, the Team Lotus name however they signed a contract with Fernandez so his team could use the Lotus name (but importantly not the badge) on their cars in 2010. Proton have since got a new boss who has a stonk-on for motor racing and effectively said Lotus Racing is shit, we can associate ourselves with a much better team hence their association with Renault. At the same time as this happened, Fernandez bought the rights to the Team Lotus name which threw an iron in the works for their masterplan and therefore fabricated this whole bollocks that Lotus Racing had broken their contract in some way or another.
I hope to god Team Lotus prevails. They're a breath of fresh air to the sport and when you consider they clearly beat the other two 'new' teams last season despite having 3 months less to prepare, they're fully deserving of it. Bearing all this in mind and despite me loving the JPS colour scheme, I'd piss myself if they were forced to change it.
Just to add confusion to the matter, the engine in the back of the Team Lotus this season will be..... a Renault!