FedEx shareholders upset about the company's sponsorship of Washington's football stadium will not be able to have a say in the matter, according to the Washington Business Journal. The Securities and Exchange Commission will deny the right of shareholders to vote on the name:
The proposal, similar to past unsuccessful efforts, asked the Memphis, Tennessee-based shipping company to allow a discussion and vote on the "reputational damage from its association with the Washington, D.C., NFL franchise team." The Oneida Trust of the Oneida Tribe of Indians of Wisconsin was joined by Bethesda-based Calvert Investments, Boston Common Asset Management, Walden Asset Management and Trillium Asset Management in the request.
According to the article, FedEx paid $205 million to name the stadium starting in 1998 for a deal that will last through 2025. The FedEx CEO has defended the deal before, saying the stadium plays host to more than just Washington football games:
As FedEx CEO Fred Smith put it on CNBC: "The Redskins play at FedEx Field, but there are many, many other events there - the Rolling Stones, Notre Dame, Army and Navy football, Kenny Chesney."
While this is a small win for Washington and owner Dan Snyder, the team name is losing support in other areas. Politicians have called on Snyder to change the name, and the US Patent Office cancelled the patent for the name "Redskins."