The Cleveland Indians said Monday that it will change its name after completing a review process it first announced in July. “Hearing firsthand the stories and experiences of Native American people, we gained a deep understanding of how tribal communities feel about the team name and the detrimental effects it has on them,” team owner Paul Dolan said in a statement. “While Indians will always be a part of our history, it is time to move forward and work to unify our stakeholders and fans through a new name.” The name change will occur over a phased process that will take time, and the team will continue to use its current name and branding until a new one is determined, Dolan said. The New York Times reported that the club was planning to drop the name on Sunday. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake