Washington Redskins minority owners Smith, Schar & Rothman looking to sell their stakes

Robert Rothman, Dwight Schar and Frederick W. Smith are the three Washington Redskins minority owners reportedly looking to sell their stakes in the franchise. The Redskins have recently come under a lot of pressure from political leaders and investors to drop 'Redskins' from their name, which has long been deemed racial towards Native Americans. So far, majority owner Daniel Snyder has rejected the appeals to change the name of the team. The only other minority owners in the franchise are Daniel Snyder’s mother, Arlette, and sister, Michele.

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Washington Redskins minority owners looking to sell their stakes?

According to The Washington Post, the aforementioned trio - who own a combined 40 percent stake in the Washington Redskins - has hired an investment firm in order to conduct a search for potential buyers for their stake. The report claims Robert Rothman, Dwight Schar and Frederick W. Smith are largely unhappy amid the recent backlash and do not want to be associated with Snyder. Forbes estimated the value of the Redskins to be $3.4 billion in 2019. However, that number is likely to go down in 2020 in the wake of the COVID-19 pandemic. 

Robert Rothman is the chairman and CEO of Black Diamond Capital, a private investment firm. Dwight Schar is the chairman of NVR Inc, a home construction company operating in the East Coast of the United States. Frederick W. Smith is the CEO and founder of FedEx. The shipping giants are also the title sponsors of the Redskins' stadium. They purchased the rights to name the stadium in Prince George’s County, Maryland in 1999 for a reported $205 million. The deal runs through the 2025 season.

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Last week, FedEx was first of the three major sponsors of the Washington Redskins to urge the franchise to change their name. "We have communicated to the team in Washington our request that they change the team name,” a FedEx spokesperson said in a statement last Thursday. Since then, Nike took down all Redskins merchandise from its website. 

Amid the growing pressure, Daniel Snyder announced last Friday that the Washington Redskins will undergo a review of the team’s name. “This process allows the team to take into account not only the proud tradition and history of the franchise but also input from our alumni, the organisation, sponsors, the National Football League and the local community is proud to represent on and off the field," Snyder said in the statement. Washington has carried the nickname since 1933, one year after its inception as the Braves. 

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(Image Credits: AP)