July 2 (UPI) \u2014 FedEx, which holds the naming rights to the Washington Redskins\u2019 stadium, has asked the NFL franchise to change its team name.\n\u201cWe have communicated to the team in Washington our request that they change the team name,\u201d FedEx said in a statement Thursday, according to ESPN and ABC 7 News in Washington, D.C.\nFedEx paid $205 million for naming rights to the team\u2019s stadium in 1998. The sponsorship deal with the franchise runs through 2025. Frederick Smith \u2014 the chairman, CEO and president of FedEx Corp. \u2014 also holds a minority stake in the Redskins.\nLeague sources told Adweek and the Washington Post that Redskins owner Dan Snyder has been under increased pressure to change the team\u2019s name given the current social climate, with many protesters targeting the organization\u2019s sponsors.\nOn Wednesday, the outlets reported that FedEx, Nike and PepsiCo each received letters signed by 87 investment firms and shareholders worth a collective $620 billion asking the three companies to disassociate from the Redskins unless they change their controversial nickname.\n\u201cThe NFL\u2019s Washington, D.C. team still uses a racist name as its mascot,\u201d the letter reads. \u201cRedskins remains a de-humanizing word characterizing people by skin color and a racial slur with hateful connotations.\n\u201cVirtually every major national American Indian organization has denounced use of Indian and Native related images, names and symbols disparaging or offending American Indian peoples, with over 2,000 academic institutions eliminating \u2018Indian\u2019 sports references.\u201d\nNative American leaders want Snyder to change the name, which the organization has used since 1933. In previous years, groups protested the nickname and tried to win in court, but those efforts failed.\nEleanor Holmes Norton \u2014 the District of Columbia\u2019s nonvoting delegate to the House of Representatives \u2014 said the name needs to be switched if the franchise wants to return to the district, according to the Washington Post. That stance could serve as a possible roadblock if the franchise intends to move back to the D.C. area in the future.\nThe Redskins\u2019 lease on the land at FedEx Field in Landover, Md., expires after the 2027 season. Washington is actively looking at sites in the district, Maryland and Virginia.