"The Washington Redskins Original Americans Foundation will serve as a living, breathing legacy - and an ongoing reminder - of the heritage and tradition that is the Washington Redskins," he said in a statement.
Reid, however, disagreed by calling it a "phony deal."
“Dan Snyder, he’s got a great new deal,” Reid told the Washington Post in an interview published Thursday. “He’s going to throw a few blankets to the Indians and get a tax deduction for it. I can’t imagine why the man doesn’t realize that the name is going to change. It’s only a question of when it’s going to change. That’s the only question.”
Reid added that Snyder was on the wrong side of history, and that the name, which many believe to be a racial slur, will be changed "within the next three years."
“You know, I may slip a year or two, but I think it’s just a question of time," he said. "Because Native Americans are organized. We have Native Americans who now are not all poor. We’ve got these Indian gaming establishments who have money, who are gonna help with this. And Dan Snyder’s not the only person in the world with money.”