Who are Redskins' minority owners? Redskins stakes to be sold amid renaming controversy

Three minority owners of the Washington Redskins – Fred Smith, Dwight Schar and Robert Rothman – are reportedly looking to sell their shares in the team. As per the Washington Post, Fred Smith, Dwight Schar and Rothman are unhappy with majority Redskins owner Daniel Snyder and do not want to be his partners anymore. The news was reported soon after Snyder opened an official review into the possible change of the team's current name, 'Redskins'. This month, numerous Native American leaders and organisations sent a letter to NFL Commissioner Roger Goodell, asking him to force Snyder into changing the name of the Washington franchise as soon as possible. 

Also read | Donald Trump slammed for controversial tweet over opposing Redskins, Indians name change: Redskins minority owners, Redskins minority owners selling

Fred Smith, Dwight Schar and Robert Rothman, to sell their shares in the Washington Redskins?

As per the report, businessmen Robert Rothman, Dwight Schar and Frederick W. Smith recently hired an investment banking firm so they could search for possible buyers for their shares in the Redskins. All three minority owners own a combined 40 percent of the Washington Redskins' shares. The remaining 60 percent is divided between Snyder, his mother and his sister. The news was first reported by Pro Football Talk, who stated that Schar and Smith are the ones trying to sell their share as soon as they can. ESPN's John Keim reported that a person familiar with Snyder's relations with the minority shareholders stated that the news will be a surprise to Snyder, who considered the three businessmen his friends.

The news was reported as pressure on the team to change the name increased amid the ongoing protests in the USA after George Floyd's death in Minnesota in May. As per coach Ron Rivera, the team has been considering various nicknames for the past few weeks along with Snyder. On Friday, the team announced that they will "undergo a thorough review" for the change in the nickname. If a stake in the team will have to be sold, the deal will have to be investigated by the NFL’s finance committee and then approved by the owners of other NFL teams. As per Forbes' 2019 valuation, a 10 to 15 percent share in the Redskins would be worth between $340 million and $510 million. These number, however, were calculated before the coronavirus pandemic affected the value of professional sports leagues and teams in the USA. Rothman, Schar and Smith acquired their shares in 2003.

Also read | Washington Redskins apparel taken down by Nike as pressure to rename mounts on NFL team: Redskins minority owners, Redskins minority owners selling

Rothman is the CEO and chairman of the investment company Black Diamond Capital, while Schar is currently the chairman of NVR Inc. – USA's fifth-largest home builder. Smith is also the current chairman, president and CEO of FedEx, which is among the companies that have publicly asked the Redskins to change their name last week. They also have naming rights for the Redskins' stadium located in Landover, Maryland which is now called the FedEx Field.

They signed the $205 million naming rights deal in 1999, the same year Snyder bought the Redskins. On Thursday, FedEx became the first major sponsor of the Redskins to demand the team changes its name. FedEx released a one-sentence statement regarding the issue – "We have communicated to the team in Washington our request that they change the team name.” Less than 24 hours after FedEx's statement, Nike, PepsiCo and Bank of America also acknowledged that they feel the name needs be changed. 

Also read | Native American groups ask NFL to force Redskins name change: Redskins minority owners, Redskins minority owners selling

Nike online store has also apparently removed all Redskins gear. The company has not immediately responded to a request for comment. https://t.co/vO9Z0Z5WlI pic.twitter.com/CqPG97mf48

— Stephen Whyno (@SWhyno) July 3, 2020

Also read | Daniel Snyder net worth, Washington Redskins association and business ventures: Redskins minority owners, Redskins minority owners selling

Pressure on Washington Redskins to change name increases

As per the Associated Press, the letter sent to Goodell was signed by 15 Native American advocates. They demanded the NFL team drop the Native American term, imagery and logo. According to the letter, the groups “expect the NFL to engage in a robust, meaningful reconciliation process with Native American movement leaders, tribes, and organisations to repair the decades of emotional violence and other serious harms this racist team name has caused to Native Peoples."

While the NFL did not voice its opinion immediately, Goodell stated that he supports Snyder's review process. Snyder has previously shown no willingness to alter the name since he acquired the team in 1999. In 2013, Snyder told USA Today that he would 'never' change the name of the team, and even asked them to go ahead and use capital letters to write the word. Reports are expecting the team to announce a new name and logo of form the team before the 2020 NFL season begins. 

(Image source: AP)