Washington's NFL team is no longer the Redskins.
Owner Daniel Snyder said on Monday the team would have a new name before the start of the 2020 regular season.
The franchise launched a review of the team name on July 3 after multiple sponsors sent Snyder signed letters threatening to remove signing and end financial agreements, including the stadium naming rights deal with FedEx.
"Today, we are announcing we will be retiring the Redskins name and logo upon completion of this review," the team said in a statement. "Dan Snyder and Coach (Ron) Rivera are working closely to develop a new name and design approach that will enhance the standing of our proud, tradition-rich franchise and inspire our sponsors, fans and community for the next 100 years."
FedEx signed a 27-year, $205 million deal in 1999 for the naming rights to FedEx Field in Landover, Md., where the club plays its home games.
Nike has removed all Redskins merchandise from their online shopping options.
an investment banking firm to find buyers for their shares of the club.
Snyder, in 2013, said he would "never" change the name.
The franchise began using the Redskins nickname in 1933, when it was based in Boston and previously called the Braves. Team owner George Preston Marshall moved the club to Washington in 1937.
--Field Level Media