Tag: Fred Smith

6 highlights from latest Daniel Snyder bombshell story

There’s no way Dan Snyder isn’t selling the team now, right?

The heat is on for Washington Commanders owner Daniel Snyder.

Over the last several days, multiple conflicting reports emerged regarding the sale of the Washington Commanders, who was involved, who wasn’t involved and Snyder’s pushback.

On Tuesday morning, the day after The Washington Post’s story revealing Snyder wanted indemnification from fellow NFL owners and the league from future liabilities and costs if he sells the team, came an ESPN bombshell from Don Van Natta Jr. that covered Snyder’s falling out with his three former minority partners.

A lot was included in Van Natta’s report, which featured excellent reporting and a lot of documents, many of which revolve around a $55 million loan Snyder received from Bank of America that his former minority partners knew nothing about at the time.

We’ve reviewed Van Natta’s report, and here are five highlights/takeaways from the latest Snyder news.

 

FedEx threatens to remove signage from stadium unless Washington changes name

Washington is likely to change their team name and logo going forward, but FedEx has threatened to remove all signage if they don’t.

The pressure was put on Washington earlier this month when FedEx, one of the team’s major sponsors, publicly asked them to change their name. There wasn’t an ultimatum that was given, but if you read between the lines, it was easy to figure out, especially after Fred Smith, the CEO of FedEx and minority owner in Washington announced that he was looking to sell his shares.

Now, according to a report from The Washington Post, FedEx has sent a private letter to the team and said that they would remove its signage from the stadium after the NFL’s 2020 season unless the name was changed.

FedEx, the shipping giant that signed a $205-million stadium naming rights deal with the Washington Redskins in 1999, notified the team in a July 2 letter that unless the team changes its name it will remove its signage from the stadium after the NFL’s 2020 season, six years before the deal’s expiration.

The two-page letter, from the general counsel of FedEx to the general counsel at Washington Football Inc., the corporate name of the Redskins, was emailed the same day FedEx publicly acknowledged in a one-sentence statement that it had communicated its “request” that the team change its name.

The private letter is more detailed and pointed. It noted that the team’s name, which it never cited, poses the risk of harming FedEx’s brand reputation and is inconsistent with its commitment to a more inclusive society.

The contents of the FedEx letter were summarized for The Washington Post by a person who had read it but was not authorized to share it or speak publicly about it.

It is apparent that Washington is moving in the direction of changing the name, though their earlier quest to have a new name and logo by the start of the 2020 season might be a big ask. At the moment, there are a few names that have risen to the top, with Redwolves, Warriors, and Redtails leading the way.

Should Washington announce their plan to utilize one of these names, it’s likely that a deal between the team and sponsor can remain.

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