The three minority owners of the Washington Redskins are looking to sell their stake in the franchise amid the turmoil surrounding the team’s name, according to multiple reports.
Minority owners Fred Smith, Robert Rothman and Dwight Schar own 40% percent of the Redskins, and have hired an investment banking firm to facilitate a sell. The Washington Post reported the trio wants out because they are “not happy being a partner” of owner Dan Snyder.
The news follows what has been a tumultuous week for the franchise as Washington announced Friday it would conduct a “thorough review” of its name — paving the way for a change.
Before, FedEx, whose CEO is Smith, called on the Redskins to change their name, and Nike stopped selling Washington memorabilia on its website. FedEx and Nike are both major sponsors for the Redskins.
Smith, Rothman and Schar first joined the Redskins in 2003, when they purchased their shares from Snyder.
Pro Football Talk first reported the news of Smith and Schar wanting out.
The Redskins are worth $3.4 billion, according to Forbes.
• Matthew Paras can be reached at mparas@washingtontimes.com.
Please read our comment policy before commenting.