The Washington Redskins might be getting ready to change their name.

Long under pressure to drop the name, which is a pejorative term for Native Americans, the team is formalizing discussions it’s been having with the National Football League in recent weeks.

“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,” Dan Snyder, the owner of the team, said in a statement.

On Thursday, FedEx Corp. urged the team to change its name, following protests against racial injustice that have pushed many companies to increase efforts to combat racism. Fred Smith, FedEx’s founder and chief executive officer, is a part owner of the team, which plays at FedExField in Maryland.

The request came after 87 investment firms and shareholders worth a collective $620 billion asked FedEx, Nike and PepsiCo to terminate their business relationships with the team unless it agreed to change the name, AdWeek reported.