The Washington Redskins NFL team has faced pressure to change its name for decades. But recently—thanks to mounting pressure from corporate sponsors including FedEx and large companies like Amazon, Nike, and Dick's Sporting Goods—the team has announced it is officially reviewing its name.
The word Redskins is considered pejorative against Native Americans.
Related video: Odds released on Washington Redskins' new name
And earlier, FedEx (FDX) - Get FedEx Corporation Report—which owns naming rights to the team’s home stadium in Maryland, near Washington D.C.—called on the team to rebrand itself. PepsiCo (PEP) - Get PepsiCo, Inc. Report, also a Redskins sponsor, called on the team to reconsider its name.
“We have been in conversations with the NFL and Washington management for a few weeks about this issue. We believe it is time for a change. We are pleased to see the steps the team announced today, and we look forward to continued partnership," PepsiCo said in a statement.
Nike (NKE) - Get NIKE, Inc. (NKE) Report, Walmart (WMT) - Get Walmart Inc. Report, Target (TGT) - Get Target Corporation Report, and Dick’s Sporting Goods (DKS) - Get Dick's Sporting Goods, Inc. Report are also no longer selling Redskins apparel.
These companies put economic pressure on the NFL, which had nearly $16 billion in revenue in 2019.