Daniel Snyder may be the owner of the Washington Redskins, but he doesn’t own 100 percent of the team. He owns 65 percent of the team, while the remaining 35 percent is split between shareholders.
But it looks like some of those shareholders are getting tired of the controversy surrounding the asset they own. According to ProFootballTalk, minority shareholders Fred Smith and Dwight Schar, who own a combined 20 percent of the team, want to sell their shares of the team.
Per the report, Smith has been trying to get Snyder to change the name of the team for years. Smith and Schar’s “dissatisfaction” with the team’s name – among other things – has led them to want to sell their shares. However, they have had no luck finding a potential buyer.
Smith is the founder, chairman and CEO of FedEx – the company that owns the team’s stadium naming rights. But his company made it clear that they will not continue to sponsor the team if the name stays as it is.
FedEx founder Fred Smith, who had privately been lobbying Daniel Snyder to change the Washington name for years, has been trying to sell his piece of the team — but has been unable to find a buyer https://t.co/cL2fNH8BDW
— ProFootballTalk (@ProFootballTalk) July 5, 2020
Snyder has maintained two things in the 20-plus years he’s owned the team: He will not sell and the name will not change. But in recent weeks we’ve seen sponsors like FedEx, Nike and PepsiCo drop or threaten to drop the brand.
For a while it seemed like Snyder would be forced to choose between selling and changing the name. However, late last week he pledged to look into changing the team name. Two names have been emerging as favorites on social media.
Most pundits accept that this acquiescence will, in fact, lead to a name change.
Whether or not that changes how Smith and Schar feel about being connected to the team remains a different story.