The decision has been made after sponsors recently stepped up pressure to scrap a name long criticised as racist by Native American rights groups.
"On July 3, we announced the commencement of a thorough review of the team's name," the team said in a statement.
"Today we are announcing we will be retiring the Redskins name and logo upon completion of this review."
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Team owner Dan Snyder had previously said he would not change the name under any circumstances but softened his stance after FedEx Corp, which owns the naming rights to the team's Landover, Maryland, stadium, urged the NFL club to rebrand.
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