REPORT: Redskins minority owners want out amid moniker controversy
Three minority owners of the Washington Redskins are reportedly seeking to sell their shares amid talks that the team is looking to change its moniker. The team has been under immense pressure to change its moniker due to racial tensions around the country.
Minority owners Frederick Smith, Robert Rothman, and Dwight Schar — who combine to own 40 percent of the Redskins — have been searching for potential buyers of their shares, as reported by the Washington Post. They have hired a banking firm to spot buyers of their stake.
According to the report, the reason that the trio wants out is that they are “not happy being a partner” with majority owner Dan Snyder. Per Forbes‘ most recent NFL team valuations, the Redskins rank seventh in the league at a calculated $3.4 billion. In 2006, they were ranked first in the NFL.
Smith, Rothman and Schar purchased their equity in 2003. The other minority owners of the Redskins is Snyder’s mother, Arlette, and sister, Michele.
In a statement, Snyder revealed that the organization has been in discussion with its alumni, the NFL, and the local community in pursuit of finding a suitable new moniker.
“This process allows the team to take into account not only the proud tradition and history of the franchise but also input from our alumni, the organization, sponsors, the National Football League and the local community it is proud to represent on and off the field,” Snyder said in a statement on Friday.
FedEx — the company that holds the naming rights to the team’s stadium — asked for the Redskins to change its name. Major sponsors like Nike and PepsiCo have also been reportedly demanding the organization to make a change or else they will pull out their support.