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Cup and Trophy are names of RenaultSport race series.
Clio Cup
Megane Trophy
The use of Cup and Trophy has been used on both Clios and Megane road cars though. Infact, there may have been Clio Trophy now I think of it, with the V6 clios...
Clio Williams was named after the F1 team they supplied engines to and because Williams had some input in development (I believe)
The Cup and Trophy names come from the names of one make championships RenaultSport run, namely the Clio Cup and the Megane Trophy
The R26 and R27 are names of that years F1 cars
Its all just marketing to tie together the RenaultSport brand across both track series and road cars. Its common practice. Vauxhall for example had the VX Racing team on track, and VXR branded hot road cars. Ford use the RS brand on road cars, which comes from Rally Sport from waaaaay back. Even the McLaren MP4/12C follows the same naming style as all their F1 cars since the mid 80s.
To be fair on the R27, it did basically have all the desirable options that you really should have been speccing (at the time) if you were thinking of buying a 197 for a cheaper price than what the options would have cost.
Cup pack, recaros, tinted windows and some rather dubious stickers made for quite a desirable Clio. And IIRC, LY was only ever available on the 197 in R27 form?
Saw it at Goodwood FoS. Heard this screaming F1 engine and turned around expecting to see some sleek F1 racer going up the hill, and saw a people carrier being hustled between the bales at alarming speed