According to reports, Washington Redskins owner, Dan Snyder is facing mounting pressure from sponsors to change his team name as a response to the Black Lives Matter (BLM) movement.

With the ongoing nationwide protests, Adweek reported that several big companies such as FedEx, Nike, and PepsiCo have received letters signed by 87 investment firms and shareholders demanding that the three companies should cut ties with the Redskins unless the team decided to change their name. Collectively, the companies are estimated to lose $620 billion if they failed to do so.

On Thursday, FedEx has already released a statement saying that they “have communicated to the team in Washington our request that they change the team name.” Initially, the company paid $205 million for the naming rights of the Washington Redskins’ stadium in 1988 and will continue to hold the deal until 2025. Moreover, FedEx CEO and President, Frederick Smith also holds a minority stake on the team.

Nike also followed suit. The sportswear giant has quietly pulled out all the Redskins merchandise on their website as a response to FedEx’s statement. They have also removed the team name from the list of 31 other NFL teams on their website.

According to the letter, the team name is considered as a “racial slur” and a “de-humanizing word” among people of color. The letter also claimed that the Redskins continue to ensue “hateful connotations ” It argues that almost every national American Indian organization has condemned the use of offensive symbols, and images that are related to Native Indians.

Since 1993, various groups have gone to court to petition to change the Redskins name but failed to do so. According to the District of Columbia’s non-voting delegate to the House of Representatives, Eleanor Holmes Norton, the team had to change their name if they still wanted to return to their district.

Even the NFL cave into the demands to make changes in the League. In fact, they plan to play the Black National Anthem, Lift Every Voice And Sing, before every season-opening starting this year. According to reports from ESPN, the song will be played before the American National Anthem the Star-Spangled-Banner.

ESPN also cited that commissioner Roger Goodell admitted that they have mishandled the peaceful protest among NFL players, including Colin Kaepernick. The commissioner also went on to condemn systemic racism and vowed that he would stand with players to fight for racial justice.

According to their statement, the NFL gives their “genuine commitment to the public, players and coaches and that player voices continue to be heard.” With this, the league gave a $250 million donation which will be distributed over a period of 10 years to promote programs that would increase their “social justice footprint.”