Bank On It: Citi, Barclays Still Committed To Naming Rights Deals
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Citigroup Spokesperson Says Company Strongly
Committed To Naming-Rights Deal For Citi Field |
Citigroup has lost $17B in the past three fiscal quarters due to $38B in "credit losses and write-downs for bad mortgage investments," but there is "no stopping" the company's naming-rights deal at the new Mets ballpark, according to Richard Sandomir of the N.Y. TIMES. Citigroup spokesperson Rob Julavits said that the company is "'strongly committed' to the deal as part of its local and global marketing efforts." He added that the agreement "represented a 'redirection of our existing and budgeted marketing funds.'" Mets Exec VP/Business Operations Dave Howard "would not say whether Citi has an escape or buyout clause, or whether the bank has begun to make any payments" on the naming-rights deal. Howard: "They're very excited about the relationship." Sandomir noted since early last year, Citi has cut about 28,000 jobs. Meanwhile, Barclays, the naming-rights partner for the Nets' new arena in Brooklyn, also "has had problems in the credit market, with $6.5[B] in write-downs on its banking scorecard." Barclays recently sold $8.9B in new stock "to shore up its capital position." Nets President & CEO Brett Yormark said Barclays is a "stable and dynamic institution that is thriving in a very challenging marketplace." Barclays spokesperson Brandon Ashcraft said the bank is "fully committed to its relationship with the Nets" (N.Y. TIMES, 7/20).
CUT TO THE CHASE: SPORTSBUSINESS JOURNAL's Fisher & Lefton note rumors surrounding the non-naming rights deal for Yankee Stadium, "or what sales agency CAA Sports calls the Yankees Premier Partnership, were a steady topic during All-Star Week." While CAA and Yankees officials were quiet on the topic, JPMorgan Chase "is the name making the rounds as the leading suitor of the sponsorship package." Bank of America, a "leading collector of baseball sponsorships, also [is] considered in the mix, albeit at about 20% less" than Chase's price (SPORTSBUSINESS JOURNAL, 7/21 issue).
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