No - the team I'm thinking of had to change their name because sponsorship was not allowed in football at the time. And they have since changed it again...
I recall an English non league team called ...Hotspurs had to change their name as the mighty spuds marketing dept got the hump. Just recently too.
Airdrie United/Airdrieonians Edit: reading an earlier post has made me think I'm completely wide of the mark.
Livingston were at one time called Ferranti Thistle, but changed it first to Meadowbank Thistle and then Livingston. Is that it ?
That's the one - Ferranti, a works team of Ferranti Engineering company, were surprisingly elected to the Scottish league in 1974 & had to change their name because the name was deemed to be advertising. They took the name of their stadium - Meadowbank in Edinburgh, then changed again 20 years later when they relocated to Livingstone. Over to you...