The Washington Redskins announced today that the NFL team would change its name and logo—both long criticized as racist by Native Americans—after an 87-year run.

Team owner Dan Snyder launched a "thorough review" of the name on July 3 following pressure by team sponsors FedEx, Pepsi and Bank of America.

FedEx paid $205M for the naming rights of the team's stadium in Landover, MD, and its chairman Fred Smith is a minority owner of the Redskins.

Amazon, Walmart and Target also announced that they would stop selling Redskins merchandise.

Snyder and coach Ron Rivera are working to develop a new name and design.

The Redskins brought in Burson-Marsteller in 2014 as the NFL dealt with pressures to change the name of the team.

The Washington Post reported July 4 that Jay Leveton, president of Mark Penn's The Stagwell Group, has been advising Snyder, a good friend, on the name change issue.

Earlier, Leveton was global CEO at Penn, Schoen & Berland Assocs, polling firm, and executive VP-worldwide at B-M.