The FA will reject it because they don't want to see a club like us breaking the shackles holding us back and earning success through vision and ground breaking attempts to make us financially secure.
It's in their interest to rename anything they own, if it makes them money, but anything that could upset the status quo of the "established big clubs" in England will not be sanctioned. We're not trying to rename the club after a sponsor like "Red Bull", so there's no floodgates opening for that despite the scaremongering we see and hear about this. It's not about franchising. It's about a bold attempt to try something new. The FA could easily say "sure, go for it, you can't change it again for 10 years, and we'll see what happens". That however is too risky for them, in case it actually worked.
The council is a side issue to this, used as a handy excuse by the people trying to hold the club back, and making sure it remains in its proper place and doesn't upset the applecart.
Tan has caused far more trouble and problems at Cardiff but the FA won't do anything to protect that club. Why would they?