Shareholders of Washington's NFL Team Reportedly Looking to Sell Their Stake

Minority shareholders of the team are reportedly looking to sell their stakes, as a potentially damaging report looms over the organization.

Washington Redskins

Image via Getty/Chip Somodevilla

Washington Redskins

Following the news that Washington's NFL team would be changing its name from the much-criticized "Washington Redskins," minority stakeholders in the team are reportedly looking to sell their stake in the team.

ESPN's Adam Schefter reported as much on Twitter Thursday, revealing that a league source informed him shareholders have "hired the investment bank, Moag & Company, to vet buyers." His update comes after it was indicated earlier this month that minority owners had considered selling their stake, although the discussion around the team's upcoming name change largely overshadowed such rumors. 

While there's no confirmation about who might be jumping ship, it's a safe bet to assume FedEx CEO Fred Smith could be among those considering selling his stake.

Before the team announced it was reviewing the name, which is widely considered to be racist towards Native Americans, 87 investment firms and shareholders reportedly sent letters to Nike, PepsiCo, and FedEx to pressure the companies to cut ties with the franchise. FedEx later reportedly reached out to the team to request a name change. The investors are reported to be worth a collective total of $620 billion, and they argued that the name of the team perpetuated racism against Native Americans. 

Additionally, a rumor has started to circulate regarding an upcoming report on the team's allegedly toxic culture. On Wednesday, ABC 7's John Gonzalez wrote, "Changing of the Redskins name will be old news come tomorrow when a bombshell report is expected to surface." While he didn't indicate what the report would include, he did say it would be "unflattering news about the organization."

Schefter also tweeted details about the upcoming piece, which is expected to be published by the Washington Post. 

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