SBD/Issue 84/Sponsorships, Advertising & Marketing

Mets Sue SpongeTech For Failure To Pay For Citi Field Advertising

Mets Allege SpongeTech Systems Stiffed Citi
Field Out Of $300,000 Owed For Advertising
The Mets have filed suit against SpongeTech Delivery Systems, alleging that the company stiffed Citi Field "out of $300,000 owed for stadium-related advertising by sending them a bum check and then promising a wire transfer that never came," according to Gorta & Whitehouse of the N.Y. POST. The Mets in the suit claim that SpongeTech agreed to pay Queens Ballpark Co., the entity owned by the Wilpon family that runs the ballpark, $3.34M as part of a three-year sponsorship that "included a sign on the club-level façade in left field, a sign on the outfield fence in right field and a panel on the rotating sign behind home plate." SpongeTech initially "made its installment payouts to Citi Field on time, but fell behind" in October, shortly after the SEC "suspended trading in SpongeTech's stock for failing to file financial results." Queens Ballpark Co. claims that it is "entitled to immediate payment of the entire remaining value" of the contract -- $2.62M -- because SpongeTech is in default (N.Y. POST, 1/14). The suit claims that SpongeTech "fell behind in payments last fall and the Mets gave the company five days to pay up." Two checks for $100,000 and $300,000 bounced (N.Y. DAILY NEWS, 1/14).

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