Redskins minority owner and FedEx CEO Fred Smith, along with Washington's other two minority owners -- Robert Rothman and Dwight Schar -- want out of their stake in the franchise after unsuccessfully trying to convince majority owner Dan Snyder to sell his majority portion to them, according to Washington Times' columnist Thom Loverro.
Something strange is happening. What is it? Fred Smith led an effort to try to get Dan Snyder to sell the majority ownership of #Redskins to him and other investors, sources told me today. Snyder wouldn't budge. Now Smith and investors want out.— thom loverro (@thomloverro) July 8, 2020
This report comes just days after the Washington Post reported that Smith, Rothman, and Schar wanted out altogether, citing that the trio is "not happy being a partner" with Snyder. The three of them make up approximately 40 percent of the Redskins' ownership group.
This past Thursday, FedEx became one of the first major corporate sponsors of the Redskins to publicly place pressure on the franchise to change its name. Other companies such as Nike, which removed all Redskins' products from its website, along with Bank of America and PepsiCo followed shortly after.
FedEx's statement came after a report from AdWeek surfaced that a number of major investment firms told the company they would pull capital if the team's major sponsors didn't publicly pressure the franchise to change its name.
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In response, the Redskins released a statement on Friday that the team is undergoing a "thorough review" of the team's name. Washington's new moniker will not have any Native American imagery, according to ESPN's Adam Schefter, but the team will reportedly keep its beloved burgundy and gold color scheme.
Both NBC Sports Washington and multiple other outlets have reported that the team will likely not play another game with 'Redskins' as its name.
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However, it could take some time for the franchise to finalize the process of changing the name, meaning the club could play the 2020 season without a team name.
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