The three minority owners of the Washington Redskins have made it known that they are intending to sell their stake in the franchise; and they are very serious. It’s an obvious move to separate themselves from owner Dan Snyder’s reluctance to change the racist Washington Redskins name and logo.
The owners have retained Baltimore-based Moag & Co. to explore a sale of their stakes.
John Moag, chairman of the investment and advisory firm he founded in 2001, declined to comment on the stake sale.
Their ownership amounts to about 40% of the National Football League club, according to reports. Despite the overwhelming support for a name change, some right wing forces are still trying to complicate the issue.
Calling a Native American a "Redskin" or an "Indian" is not a compliment! It's an insult.
How would you like being called "an Orangeskin?"
— BitCloutForums.com – Heidi (@HKrassenstein) July 6, 2020
Fred Smith, chairman of FedEx, and fellow investors Robert Rothman and Dwight Schar were exploring a sale. The investment bank wasn’t identified.
FedEx has the naming rights for FedEx Field in Prince George’s County, Maryland just outside of Washington, D.C.The three are the only investors in the team that aren’t a part of majority owner Dan Snyder’s family.
The investors are seeking to unload their ownership interests as the Redskins have said they’ll explore changing the team’s nickname.
The word “Redskins” is a racial slur towards Native Americans. It was first utilized by the team’s first owner, George Preston Marshall who changed the name from the Boston Braves in 1933. He moved the team to D.C., which was his hometown in 1937.
This is not being done on behalf of native Americans. A poll was conducted and 90% of native Americans don’t find the names offensive and 80% not offended by being called Redskin.
Therefore new names will be Washington Dumbfucks & Cleveland Idiots. pic.twitter.com/0jUKzN2Qjr
— Juanita Broaddrick (@atensnut) July 6, 2020
Initially, owner Dan Snyder took the same approach, adamantly refusing to consider a name change.
The Redskins are worth $3.4 billion, according to Forbes, placing the value of a 40% stake at about $1.36 billion; though limited partnerships usually come at a discount of anywhere between 10-25%.
Last week, FedEx was the first team sponsor to say the club should change its name. Nike, PepsiCo and Bank of America followed bringing hope to many that the financial pressure would get the job done.
The Redskins rank seventh in NFL franchise valuation. The Dallas Cowboys top the list at $5.5 billion and are followed by the New England Patriots, New York Giants, Los Angeles Rams and San Francisco 49ers.
Snyder bought the Redskins in 1999 for $750 million. Of the team’s overall value, Forbes says $231 million alone is derived from its brand. However, diehard Redskins fans are in a silo as the world wants to see the name changed.
Moag was chairman of the Maryland Stadium Authority beginning in 1995, leading the successful effort that brought an NFL franchise back to Baltimore.