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Phil Ellsworth / ESPN Images

Phil Ellsworth / ESPN ImagesBy LAUREN LANTRY, ABC News

(ASHBURN, Va.) — The Washington Redskins announced Friday that the NFL football team will be “undergoing a thorough review of the team name” that Native Americans have long objected to racially offensive.

In a statement, the team said the review “formalizes the initial discussions the team has been having with the league in recent weeks.”

It said it was doing so “in light of recent events around our country and feedback from our community.”

Previously, team owner Daniel Synder has said the team would never change its name, claiming it actually honored Native Americans.

But in just the past day or so, the team has come under heavy pressure from corporate sponsors to change the name, including from FedEx, which own the naming rights to the stadium where the Washington team plays in Landover, Maryland.

“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,” Snyder is quoted as saying in the statement.

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