The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.

What they're saying: Team owner Daniel Snyder who has been adamantly against changing the team's name, now says, "This process allows the team to take into account not only the proud tradition and history of the franchise, but also input from our alumni, the organization, sponsors, the National Football League, and the local community it is proud to represent on and off the field."

• Head coach Ron Rivera: "This issue is of personal importance to me and I look forward to working closely with Dan Snyder to make sure we continue the mission of honoring and supporting Native Americans and our Military."

The state of playper Axios' Kendall Baker: Nike, FedEx and PepsiCo each received letters signed by 87 investors and shareholders worth a combined $620 billion asking the brands to cut ties with the Redskins unless they change their name, AdWeek reports.

• FedEx, named sponsor of the Redskins' stadium, released a statement that says in full: “We have communicated to the team in Washington our request that they change the team name.“