News broke on Sunday night that the Redskins would officially retire their team name on Monday, and it didn’t take long for  them to make that announcement.

In a statement released to the press early Monday morning, the team announced that they were officially dropping their 88-year-old name.

“On July 3rd, we announced the commencement of a thorough review of the team’s name,” the franchise announced in a statement. “That review has begun in earnest. As part of this process, we want to keep our sponsors, fans and community apprised of our thinking as we go forward.

“Today, we are announcing we will be retiring the [current] name and logo upon completion of this review.

“Dan Snyder and Ron Rivera are working closely to develop a new name and design approach that will enhance the standing of our proud, tradition rich franchise that inspires our sponsors, fans and community for the next 100 years.”

A new name is expected to be announced within the week.

Follow Dylan Gwinn on Twitter @themightygwinn