Washington will be retiring their nickname and logo after completing a thorough review that began on July 3. The nickname had long been controversial, but Dan Snyder previously took a strong stance against ever removing it.

"Today, we are announcing we will be retiring the (nick)name and logo upon completion of this review," the team said in a statement.

"Dan Snyder and Coach [Ron] Rivera are working closely to develop a new name and design approach that will enhance the standing of our proud, tradition-rich franchise and inspire our sponsors, fans and community for the next 100 years."

Sports Business Daily reported that the announcement of the new name has been delayed because trademark issues are pending.

"The NFL and Dan Snyder have finally made the right call and Change the Mascot commends them for it," Ray Halbritter, Oneida Nation Representative and head of the Change the Mascot campaign said in a statement Monday. "This is a good decision for the country -- not just Native peoples -- since it closes a painful chapter of denigration and disrespect toward Native Americans and other people of color. Future generations of Native youth will no longer be subjected to this offensive and harmful slur every Sunday during football season.

"We have made clear from the start that this movement was never about political correctness, but seeking to prevent unnecessary harm to our youth, since we know from social scientists the many harmful effects this mascot has had on Native Americans' self-image. Today marks the start of a new chapter for the NFL and the Washington franchise, beginning a new legacy that can be more inclusive for fans of all backgrounds."

During that time, a letter signed by 87 investors and shareholders with a total worth of $620 billion was sent to sponsors FedEx, PepsiCo and Nike, asking them to stop doing business with the team unless the name was changed.

Snyder mentioned sponsors ahead of fans twice in the statement released by Washington.