Redskins minority owners who want to sell a $ 1.4 billion stake because they are angry with Dan Snyder ‘
Three of Washington Redskins’ minority owners reportedly want to sell their shares in the franchise because they are ‘not happy to be a partner’ with majority shareholder Daniel Snyder, who has resisted calls to change a team name that many find offensive to native Americans .
The Redskins declined to comment on the case, but the Washington Post and Pro Football Talk have reported that Robert Rothman, Dwight Schar and Frederick W. Smith called in an investment bank to help them find a buyer. Collectively, they reportedly own 40 percent of the team, which is worth about $ 1.4 billion, according to Forbes’ valuation of $ 3.4 billion in 2019.
Smith is the founder, chairman, and CEO of FedEx, one of the team’s top sponsors, who made a statement last week formally requesting that the Redskins be renamed. On Friday, Snyder appeared to agree as the team announced it would “thoroughly revise” its name.
Here, Redskins owners, from left to right: Robert Rothman, Dwight Schar and Dan Snyder all smile in the last minutes of a Vikings victory. Now Rothman and Schar are reportedly trying to sell their shares out of displeasure with Snyder, the majority shareholder
Frederick W. Smith (pictured) is the founder, chairman, and CEO of FedEx, one of the top sponsors of the team, who made a statement last week formally requesting the Redskins be renamed. On Friday, Snyder appeared to agree as the team announced it would ‘thoroughly revise’ its name
According to ProFootballTalk, Smith is trying to convince Snyder to change the name for years. FedEx currently owns the naming rights to the team’s Landover, Maryland stadium, after signing a 27-year $ 205million deal with the club in 1999.
Rothman is the CEO of Black Diamond Capital, while Schar is the chairman of NVR Inc., a large construction company on the east coast.
Snyder was apparently surprised by the decision of his three minority owners, whom he considers friends ESPN.
New Redskins coach Ron Rivera told the Post last week that he and Snyder have been developing a new team name for several weeks.
New Redskins coach Ron Rivera (pictured) has said that he and Snyder have been developing a new team name for several weeks. Rivera previously coached the Carolina Panthers
Protesters gather outside US Bank Stadium for the game between the Washington Redskins and Minnesota Vikings on October 24, 2019 in Minneapolis, Minnesota. A number of Native American leaders and local politicians spoke of Washington’s nickname
Mona Roy and other protesters with American Indian Movement of Colorado and Idle No More shout and protest as the bus with members of the Washington Redskins football team arrives at Sports Authority Field on Mile High in Denver on October 27, 2013
The Redskins say they will listen to input from team alumni, sponsors and the local community
Washington DC Mayor Muriel E. Bowser said last month that it was “past” for the team to address a name that “offends so many people.”
Bowser, 47, said the nickname is actually hampering the city’s efforts to get a new stadium for the team. The club previously played at RFK Stadium, just two miles east of the Capitol – a spot that could potentially be used for the team’s next home field.
Events DC, a Washington-based sports promoter, recently removed a monument dedicated to team founder George Preston Marshall, who famously declined to integrate his squad until forced to do so by the league in 1962.
Likewise, the team removed Marshall’s name from the Redskins’ Ring of Fame on FedEx Field, as well as the stadium’s lower bowl, which has been renamed Bobby Mitchell, the franchise’s first black player.
The Redskins have survived multiple challenges over the years, with many Native American groups calling the team name and logo “ racist. ”
FedEx is the main sponsor of the Washington Redskins’ stadium in Landover, Maryland
Washington DC Mayor Muriel Bowser has called on the NFL Redskins to change their names, which many find offensive to Native Americans
Fans react to the game action between the Cincinnati Bengals and Washington Redskins during the game at FedEx Field on September 23, 2012 in Landover, Maryland
The pursuit of a new team name accelerated last week when investment groups wrote open letters to the boards of directors of FedEx, Nike and PepsiCo demanding that they stop doing business with the Redskins, according to Adweek.
The request was reportedly supported by 87 companies, led by First Peoples Worldwide, Oneida Nation Trust Enrollment Committee, Trillium Asset Management, Boston Trust Walden, Mercy Investment Services and First Affirmative Financial Network. The groups behind the letter have combined assets of $ 620 billion, according to the report.
A Washington Redskins fan prepares for the game against the Tampa Bay Buccaneers on September 12, 2004 at FedEx Field in Landover, Maryland
FedEx responded by issuing the aforementioned statement calling for the team name to be changed.
“We asked the Washington team to change the team name,” FedEx said in a one-sentence sentence.
Six years ago, FedEx shareholders voted to allow the Redskins to keep their names after the shipping giant received a complaint from the Wisconsin-based Oneida Indian tribe.
FedEx’s recent announcement came when Nike appeared to be organizing a passive boycott of the team by removing merchandise with the Washington franchise name or logo from its website.
The team is also notably absent from the site’s drop-down menu with all other NFL teams.
Pepsi released his own statement on Friday afternoon: “We’ve been talking to the NFL and Washington management about this issue for a few weeks. We believe it is time for a change. We are delighted with the steps announced by the team today and we look forward to continued cooperation. ‘
George P. Marshall’s monument was recently defaced with sprayed graffiti before being removed by Events DC, a Washington sports promotion company
Recently, the Redskins criticized a ‘# BlackoutTuesday’ tweet protesting racism.
“Do you really want to stand for racial justice?” asked Congresswoman Alexandria Ocasio-Cortez on Twitter. “Change your name.”
In 2017, the Supreme Court ruled that a trademark law, which excludes contemptuous terms, infringes freedom of expression. Previously, the U.S. Patent and Trademark Office had attempted to withdraw the Redskins trademark because it was a racial slur.
In 2016, Snyder wrote an open letter responding to a Washington Post poll that found 9 out of 10 Native Americans don’t take the term ‘Redskins’ negatively.
The origin of ‘redskin’ is disputed, according to a 2016 Washington Post article, which claims that it was used as a pejorative as early as 1863 in Minnesota.
“The state’s reward for dead Indians has been increased to $ 200 for every red skin sent to purgatory,” The Winona Daily Republican announced. “This amount is more than the bodies of all the Indians east of the Red River are worth.”
By 1898, Webster’s Collegiate Dictionary began to define “redskin” with the phrase “often disdainful.”
The Redskins’ tweet elicited a response from critics, who accused the team of hypocrisy