Investors Worth Over $600 Billion Demand Nike, Pepsi, FedEx Pull Sponsorship From Washington Redskins Over Name

KEY POINTS

Letters were sent to FedEx, Nike, and PepsiCo with the signatures of 87 investment firms and investors demanding the companies end their relationship with the Washington Redskins
The firms and investors are reportedly worth a collective total of $620 billion
Team owner Dan Sneider has repeatedly refused to change the team's name, arguing the name represents Native American "pride and strength"

The Washington Redskins have faced renewed pressure to change the team name, this time from investors for the team’s various sponsors. According to Adweek, three letters with the signatures of 87 investment firms and investors were sent to Nike, FedEx, and PepsiCo asking them to pull their sponsorships.

The investment firms and investors are reportedly worth $620 billion for the companies.

Six of the investment firms involved are First Peoples Worldwide, Oneida Nation Trust Enrollment Committee, Trillium Asset Management, LLC Boston Common Asset Management, LLC Boston Trust Walden Mercy Investment Services and First Affirmative Financial Network.

The team’s name has been a source of controversy for decades, as the term is seen as a racial slur against Native Americans. There have been repeated demands by activist groups for ownership to change the name but it has remained despite the public outcry. Instead, team owner Daniel Snyder has repeatedly defended the name over the years, arguing it represents reflect Native Americans' “pride and strength.”

“The Washington Redskins team, our fans and community have always believed our name represents honor, respect and pride,” Snyder said in a statement in 2016.

The organization was founded in 1932 in Boston as the Braves. Snyder has owned the team since 1999.