The three minority owners of the Washington Redskins have retained Baltimore-based Moag & Co. to explore a sale of their stakes, which amount to about 40% of the National Football League club, a person with direct knowledge of the matter told Sportico.
Pro Football Talk previously reported that Fred Smith, chairman of FedEx, which has its name on the NFL team’s stadium, and fellow investors Robert Rothman and Dwight Schar were exploring a sale. The investment bank wasn’t identified.
The three are the only investors in the team that aren’t a part of majority owner Dan Snyder’s family.
John Moag, chairman of the investment and advisory firm he founded in 2001, declined to comment on the stake sale.
The investors are seeking to unload their ownership interests as the Redskins have said they’ll explore changing the team’s nickname, which many consider a racial slur. Until now, Snyder had adamantly refused to consider a name change.
The Redskins are worth $3.4 billion, according to Forbes, placing the value of a 40% stake at about $1.36 billion, though limited partnerships usually come at a discount of anywhere between 10-25%.
FedEx last week was the first team sponsor to say the club should change its name. Nike, PepsiCo and Bank of America followed.
The Redskins rank seventh in NFL franchise valuation. The Dallas Cowboys top the list at $5.5 billion, and are followed by the New England Patriots, New York Giants, Los Angeles Rams and San Francisco 49ers.
Snyder bought the Redskins in 1999 for $750 million. Of the team’s overall value, Forbes says $231 million is derived from its brand.
Moag was chairman of the Maryland Stadium Authority beginning in 1995, leading the successful effort that brought an NFL franchise back to Baltimore.