The Washington Redskins on Monday announced the franchise will retire its 87-year-old team name. Corporate sponsors, including FedEx and Nike, have been calling on the team to change the name, which is considered a slur against Native Americans. In a statement, the team said owner Daniel Snyder and Coach Ron Rivera will work together to "develop a new name and design approach that will enhance the standing of our proud, tradition rich franchise." On July 4, Rivera said there were two names he and Snyder both liked, and they planned to discuss the possible replacements with Native American and military organizations. Two people familiar with the matter said the name Snyder and Rivera prefer is in the middle of a trademark battle, The Washington Post reports.

Scroll for 5 things you
need to know now