The proposed name changes to Lotus Renault GP, Team Lotus and Virgin Racing made the headlines ahead of today's Formula One Commission meeting - but what will it mean for the teams involved?
In the commercial world of F1, name changes are par for the course for most teams other than the sport's three longest running squads, Ferrari, McLaren and Williams - who have all maintained their brands even when sponsor or car manufacturer attachments have come and gone.
Mercedes, for example, had their first race in 1954 but in actual fact its current team traces its roots back to Tyrrell via BAR, Honda and Brawn. Since that change from Tyrrell to BAR in 1999, there have been 11 changes in team name up and down the grid, while the sport has seen two teams disappear, two come and go and three arrive and (so far) stay.
This year, the team name change requests are more delicate because two of them involve the fourth most experienced F1 brand: Lotus.
The Lotus name returned to F1 within a trio of new teams in 2010 - the other two of which, incidentally, had a name change between winning their place in F1 and getting on the grid (Virgin was Manor and HRT was Campos).
That Lotus team has been wrangling with Lotus Cars and Lotus GP over the use of the name ever since and now, with the very public fighting complete, Team Lotus boss Tony Fernandes will admit defeat and change his team to Caterham, while Lotus Renault will become just Lotus.
The sad shame is that Fernandes had done a lot to build his new team in a spirit befitting the Lotus brand.
It is true that the company's investment roots are in Malaysia, but so too are those of Lotus Cars these days. Fernandes, however, did embrace the heritage of the name and made the late Colin Chapman's ancestry a major focus on the team's arrival. He has since given the team a Lotus 'feel' through a fan-centred approach to marketing and an open and technically engaging approach at the track.
The name change will bring an end to confusion over the Lotus brand in F1 and give fans just one Lotus to support - but the big question is whether the 'new' Lotus has what it takes to live up to the name.
Meanwhile, Virgin Racing's name change request - to Marussia - is also quite significant.
The Virgin Group boss Richard Branson became smitten with F1 in the glory days of Brawn GP, when he slapped on a low-budget sticker and took huge brand benefit from the association.
He hoped to hit the big time in the sport with his own team, but such hope proved ambitious - and now he appears to be slowly sliding away.
However, despite owning the team and chassis name, Branson is actually understood to have ploughed far less into the team than would be expected as a team owner and his influence has been more in offering the brand as a strong asset to entice other companies on board.
Marussia's money has been an important part of helping the team remain on the grid without Branson handing out the cash, and the name change gives him an easy exit route without losing face, if he wants it.
That said, Virgin will remain as a sponsor for now - but it is likely that will involve limited funding and it's a fair bet that it will only remain so both sides can continue to benefit from the brand assets and collaborations until a paying backer fills the space.
Team name changes
2000 - Stewart became Jaguar
2005 - Jaguar became Red Bull
2006 - BAR became Honda; Sauber became BMW-Sauber (but generally became referred to as BMW); Jordan became MF1, which became Spyker
2007 - Minardi became Toro Rosso
2008 - Spyker became Force India
2009 - Honda became Brawn
2010 - Brawn became Mercedes
2011 - BMW Sauber became Sauber (they had run with BMW name in 2010)
2012(TBC) - Team Lotus becomes Caterham; Renault becomes Lotus GP; Virgin Racing becomes Marussia
Team arrivals / departures
2002 - Prost departed; Toyota arrived
2003 - Arrows departed
2006 - Super Aguri arrived
2009 - Super Aguri departed
2010 - Toyota departed; Lotus, Virgin and HRT arrived