Washington Redskins minority owners want to sell stakes: Report
FedEx CEO Fred Smith and two others own roughly 40 percent of the franchise.
The three minority stakeholders in the Washington Redskins’ ownership group are attempting to sell their interests in the embattled NFL franchise, according to a report Sunday.
FedEx CEO Fred Smith, Black Diamond Capital CEO Robert Rothman and NVR Inc. Chairman Dwight Schar own roughly 40 percent of the franchise. Majority team owner Dan Snyder and members of his family own the remaining 60 percent.
TARGET, WALMART PULLING WASHINGTON REDSKINS APPAREL
Smith, Rothman and Schar are pursuing a sale of their stakes due to dissatisfaction in their partnership with Snyder, the Washington Post reported, citing sources familiar with the matter. They have hired an investment bank to identify potential buyers.
FILE PHOTO - Fedex CEO Fred Smith is pictured at a business roundtable meeting of company leaders and U.S. Republican Presidential candidate Mitt Romney in Washington, June 13, 2012. REUTERS/Jason Reed/File Photo - HT1ED1O17K41V (Reuters)
A Washington team representative did not immediately respond to a request for comment.
THESE COMPANIES PRESSURED WASHINGTON REDSKINS TO CHANGE NAME
The Redskins are one of the NFL’s most valuable franchises. The team is worth an estimated $3.4 billion, according to Forbes. Snyder bought the team in 1999 for $750 million.
Reports on a rift among the owners emerged days after Snyder announced a formal review of the team’s name. Companies have pressured Snyder to drop the Redskins name in recent days amid mounting scrutiny from critics who say the term is racist.
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FedEx, the longtime naming rights partner on the team’s home stadium, was the first company to publicly call for a change. Other key sponsors, including PepsiCo, Nike, Bank of America, also advocated for a new name.
Several retailers, including Nike, Walmart and Target, have pulled Redskins merchandise and apparel from their online stores in response to the controversy.