"When Stuart Sternberg took controlling interest of the team in 2005, he looked for ways to change the team's fortunes after eight years of awful baseball.. Part of this "new image" involved changing the team name. He actually considered changing the name completely...they almost became "The Bandits" in 2006.
After various market studies, Sternberg opted to simply drop the "Devil" portion of the name and call the team "The Rays"...He also changed the team colors to a more subdued blue & gold scheme to give them a more "classic" look to break away from their image as a "startup" franchise.
Sternberg explained that the name "Rays" held a multiple meanings: Besides invoking their previous name, he wanted to present an image of "inspiration"...So "Rays" referred not only to the sea creature, but also in the context of "Rays of Light." This was not only to re-brand the team as a "shining beacon" of Baseball..but the addition of a "Sunburst" pattern to their logo was an attempt to tie the team to (and draw fans from) the entire Florida (the "Sunshine State") market.
There were also some in Baseball who theorized that dropping the "Devil" in the name was also an attempt by ownership to draw more Latino fans whose religious sensibilities may have been offended by the reference to the devil. As far as I know, nobody associated with the team has ever admitted to this as an actual reason.
In any case, the re-branding worked and the team enjoyed almost immediate success, finishing either First or Second in the Division three times in the five years since the name change. Although most of their good fortunes can be credited to the emergence of players like Evan Longoria, James Shields and David Price, never underestimate the power of something as seemingly simple as a name or logo change. When the Chicago White Sox adopted their "retro" black & white unis in the 1990s and took on the motto "Good Guys Wear Black" they began a resurgence that culminated in their 2005 World Series victory..."