The League Management Company confirmed this via their Twitter handle on Thursday evening following a request by the Rivers State government.
"Dolphins Football Club now Rivers United Football Club," the LMC tweeted.
Dolphins Football Club now Rivers United Football Club.— League Management NG (@LMCNPFL) February 18, 2016
“The LMC agreed to the name change this evening upon formal request by the Govt of Rivers.
Reacting to this, Shehu Dikko explained that the name adjustment was granted since it was not offensive or prejudicial to national unity and is also agreeable with community identity, supporters' followership and commercial interest of the NPFL.
Goal gathered that the change was a masterstroke from the Rivers state government to knock off the ownership of two state teams (Sharks and Dolphins) owing to the ascetic economic situation in the country.
The new logo of Rivers United bears the similitude of a dolphin and a shark, pointing to a merger of both Port Harcourt clubs with a number of Sharks players now signed on for the NPFL side.
Here is the logo of the re-named Port Harcourt side. pic.twitter.com/nhL0DO1Bx6— League Management NG (@LMCNPFL) February 18, 2016
It is also understood that the Rivers State government will now look to sell off the slot of Sharks in the Nigeria National League (NNL).
The team will play their home games at the Yakubu Gowon Stadium, Elekahia-Port Harcourt.
Rivers United begin their NPFL campaign against Enyimba on Sunday.