That's not at all what happened.
The team name was chosen by a fan vote to pick the name. I should know, I voted in it, for the Raptors. You're welcome everyone.
The final names to pick from were:
Beavers
Bobcats
Dragons
Grizzlies
Hogs
Raptors
T-Rex
Tarantulas
Terriers
http://www.nba.com/raptors/history/raptors_history.html