Try to publish the changes:
  1. Navigate to Communities>Special Events>Friends Asking Friends>Kintera Thon
  2. Hover over the Event Name and select Website Info
  3. Click the Green Publish This Event Now button
Note: there can be a slight delay in changes updating to the website. If after a few hours the changes have not been made, Chat with Support and reference this article. 

Include the Event Name, Event URL, Team Name desired, Current Team name displayed and the Team Page URL.

If you have access to the Team Captain's Participant HQ login, you can edit the team name from the HQ (BB710170).