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February 3, 2009
Mets, Citigroup say stadium deal still on
Bank issues statement after report said it was considering move to back out of contract amid complaints from lawmakers.
AP via Crain's NY Business
Maybe they should call it Dupli-Citi Field.
The New York Mets and the financially troubled Citigroup said Tuesday that their $400 million naming rights deal for the team's new stadium is still on, despite a published report that Citi may be looking to back out.
The Wall Street Journal reported Tuesday that Citigroup was exploring the possibility of backing out of the 20-year marketing partnership, which includes naming the new ballpark Citi Field. The report quoted unnamed people familiar with the matter as saying Citigroup had made no final decision.
Citigroup Inc., which late last year said it planned to cut 53,000 jobs worldwide and received $45 billion in federal bailout aid, said in a statement: "Citi signed a legally binding agreement with the New York Mets in 2006." The bank said that none of the bailout money would be used for Citi Field.
NoLandGrab: Instead, the bailout money (aka "our money") is being used to fund things that otherwise would have had to be funded with the Citi Field sponsorship money — like bonuses.
Posted by eric at February 3, 2009 10:11 PM