(Contrary to the implication of the headline, this will not be about yesterday's Opening Day in major league baseball. Posts on that topic will be found at Tomato Cans.)
When New York's baseball teams take the field next week, they both will be playing in brand–new ballparks. The Yankees kept the name of their old ballpark — Yankee Stadium. But the Mets have a new name — Citi Field.
Citi Field, as you may have guessed from the spelling of the name, gets its name from Citigroup, which will be paying $20 million a year for the next 20 years for the naming rights.
Citigroup has been in the news a great deal in recent months. It was one of the companies that appealed for bailout funds from Congress last fall — then went ahead with its purchase of a new multi–million–dollar corporate jet.
Now it's going to spend $400 million in the next two decades for the naming rights to a ballpark.
It doesn't sound like the most efficient use of taxpayer funds to me. Apparently, Reps. Dennis Kucinich and Ted Poe don't think so, either. Back in January, they co–wrote a letter to Treasury Secretary Tim Geithner asking him to "intervene and demand that Citigroup dissolve the agreement they have with the New York Mets." Geithner declined to do so.
In February, the Wall Street Journal reported that Citigroup had considered breaking the deal but apparently thought better of it. Citi has asserted that no taxpayer funds will be used.
Even so, the appearance of the situation is dubious at best. And Citigroup hardly needs any more bad publicity.
Do you suppose Citi Field will have a special landing strip for corporate jets bringing high– profile visitors to ballgames?
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