In big news on Thursday, FedEx has asked the Washington D.C.'s NFL franchise to change its name. FedEx sponsors the team's home field and says it has told the franchise to make the change.
""We have communicated to the team in Washington our request that they change the team name.""
FedEx paid $205 million for naming rights of the team's stadium in 1998 and that deal runs through 2025. The company's CEO, Fred Smith, owns a minority stake the in franchise as well.
FedEx, Nike and PepsiCo have all received letters signed by 87 investment firms and shareholders demanding they sever ties with the franchise unless it changes its name. The firms are worth a collective $620 billion.
The battle over the team's name has been raging for years, but there's a chance that it could finally be resolved with enough financial pressure. Owner Daniel Snyder has steadfastly refused to change the team's name but with enough money going out the window things might change.
FedEx Field is in Landover, Maryland and Snyder reportedly has interest in moving the franchise back into Washington D.C. when the team's current stadium lease ends after the 2027. That is unlikely to happen unless the team changes its name.