The New York Mets, whose September collapses have delighted us Philadelphia Phillies fans, have screwed up even bigger with their $400 million stadium naming rights deal with Citigroup Inc. (NYSE: C).Baseball's premier choke artists are now denying an earlier report that the troubled New York-based bank was trying to back out of its commitment to the team. New York Newsday is quoting a team official "We're committed to our agreement with Citi, and Citi has indicated it is committed to users." He went on to defend Citi, saying that the bank "needs to advertise."
Oh brother.
If you believe that, I have got a bridge in Brooklyn to sell you along with a rent-controlled apartment overlooking Central Park. The reality is that the Mets and Citi are stuck with one another.
Even if the Mets wanted to find a new corporate sponsor, they probably couldn't. Many teams are having trouble finding corporate benefactors for their stadiums because of the recession. Boneheaded moves like this may explain why Citigroup needed a $50 billion bailout from the federal government.
The Mets also need the money. The team has a payroll of about $140 million, which is reportedly tops in the National League. Manager Jerry Manuel is pushing the team to sign Manny Ramierez, the troubled yet gifted slugger. Moreover, the Wilpon family, which owns the team, was victimized by accused swindler Bernard Madoff. The family says the Madoff losses won't hurt the Mets, but you have to wonder how much they were counting on the Citigroup money to pay its payroll.
Citi needs the stadium deal too so that it can get publicity for something besides lavish corporate perks and billions of dollars in losses. Members of Congress are probing the deal. Odds are great that the Obama administration is putting the screws on Citibank too.
If I was a Mets fan, I would be outraged that my team's stadium is associated with one of the worst run banks on Wall Street that helped propel the economy to the brink of disaster. Surely, there are far more deserving people for the Mets to honor such as Jackie Robinson, Gil Hodges or Casey Stengel. What about former New York mayor Ed Koch?
Citigroup certainly does not deserve to be associated with one of the most storied franchises in baseball.
If you believe that, I have got a bridge in Brooklyn to sell you along with a rent-controlled apartment overlooking Central Park. The reality is that the Mets and Citi are stuck with one another.
Even if the Mets wanted to find a new corporate sponsor, they probably couldn't. Many teams are having trouble finding corporate benefactors for their stadiums because of the recession. Boneheaded moves like this may explain why Citigroup needed a $50 billion bailout from the federal government.
The Mets also need the money. The team has a payroll of about $140 million, which is reportedly tops in the National League. Manager Jerry Manuel is pushing the team to sign Manny Ramierez, the troubled yet gifted slugger. Moreover, the Wilpon family, which owns the team, was victimized by accused swindler Bernard Madoff. The family says the Madoff losses won't hurt the Mets, but you have to wonder how much they were counting on the Citigroup money to pay its payroll.
Citi needs the stadium deal too so that it can get publicity for something besides lavish corporate perks and billions of dollars in losses. Members of Congress are probing the deal. Odds are great that the Obama administration is putting the screws on Citibank too.
If I was a Mets fan, I would be outraged that my team's stadium is associated with one of the worst run banks on Wall Street that helped propel the economy to the brink of disaster. Surely, there are far more deserving people for the Mets to honor such as Jackie Robinson, Gil Hodges or Casey Stengel. What about former New York mayor Ed Koch?
Citigroup certainly does not deserve to be associated with one of the most storied franchises in baseball.
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Reader Comments (Page 1 of 1)
2-03-2009 @ 3:06PM
BHarrison said...
Drastic times call for drastic actions. Does that include the use of "common sense" in corporate expenditures?
Apparently it doesn't. Shouldn't the government require that such expenditures be cancelled if the corporations are to receive "bail out monies"?
"Common sense" seems to be an attribute that is grossly lacking in both our corporate world and in our government, esp. our CORRUPT Congress.
2-03-2009 @ 2:43PM
BHarrison said...
Shouldn't CEOs who promote or attempt such horrifically expensive unwarranted expenditures be fired? And doesn't that reflect very poorly on the Board of Directors also? Shouldn't the Boards be removed nad replaced also? When they are being propped up and subsidized with government/taxpayer "bailout" monies, they should be held to a much higher degree of fiscal responsibility . . . and subject to termination if they conduct themselves in irresponsible manners. The CEOs are REALLY ONLY MANAGEMENT EMPLOYEES who are responsible to "serve the best interests of the stock holders who are the people who REALLY OWN the corporation.
It is past time for the CEOs and the Boards of Directors to be held perrsonally responsible and liable for irresponsible actions.
2-03-2009 @ 6:36PM
Jessy Scholl said...
Frankly, the Mets aren't one of the most storied franchises of baseball. Yes they have a history, but that history isn't that storied compared to even their homebase counterparts in the Yankees. The Mets burst onto the scene in 1962 in the wake of the Dodgers and Giants move west.
Most of the Mets history is downfall after downfall unless those downfalls are memorable such as the ball passing between Bill Buckner's legs in game 6 of the 1986 series, the fan who caught an in-game foul ball for the Cubs in game 6 of the 2003 NLCS, and, Atlanta's favorite, Kent Herbek's tussle with Ron Gant in game 2 of the 1991 World Series.
All memorable moments the Mets have to show for their franchise, good or bad, include the 1962 expansion team, the 1969 World Champions, the Grand Slam Single, and Roger Clemens tussle with Mike Piazza in the 2000 World Series. Mets fans want to forget their late-season failures. Red Sox fans can't because one such late-season failure occured in 1978 and ended with Bucky Dent ending the Red Sox hopes with a home run that sent the Yankees to the ALCS.
As for the Mets/Citigroup deal, it is nuts and I expect that the stadium will be renamed Ebbets Field before too long. The chances that Citi will default on their end of the deal are increasing with each passing day. Overall, the deal is like chump change to the Mets because they get most of their money from merchandising, attendence, FOX television, TBS, ESPN, and their own TV contract.