Mets, Citigroup Execs Defend Naming-Rights Deal Despite Economy
 |
Mets Receiving Heavy Criticism
Over Citi Field Naming-Rights Deal |
Mets execs yesterday defended the club's estimated $400M naming-rights deal with Citigroup Inc. for the forthcoming Citi Field, which has come under heavy political criticism and calls to rename the facility Citi/Taxpayer Field amid massive layoffs planned by the financial services giant and a multi-billion dollar federal government bailout delivered to the company. "We have a deal that's good for us and good for them. I understand where the (criticism) is coming from, but we don't agree with it," said Mets COO Jeff Wilpon. "We also disagree with the notion that the taxpayers are paying for this. The company, which is still viable, is paying for this (deal), and the taxpayers are backstopping the company. ... We think we can bring the right people to help them market their product so they can be a going concern. It’s not really Citi’s fault that they’re in this problem. There are a lot of other banks in the same situation.” Wilpon said he did not anticipate Citigroup being acquired by another company, which would potentially necessitate a name change for the stadium. "If they were going to be acquired, it probably would have happened by now,” he said. Mets Exec VP/Business Operations Dave Howard added, "Citi has been and will be a great partner. The federal government has obviously come in and done what they did. So as taxpayers, we should all root for Citi to do well and grow, and one of the ways you grow is continue your advertising and marketing." To that end, Citi's activation and media plans related to the Mets remain unchanged for ‘09, Howard said (Eric Fisher, SportsBusiness Journal).
ALL SYSTEMS GO: Citigroup Senior VP/Global Community Relations Eric Eve said of the naming-rights deal, "We have no intention of getting out of it." Wilpon: "We're proud to be partners with Citi. I think they're proud to be partners with us." Wilpon added Citigroup has to be able to "keep doing business." Wilpon: "If they stop marketing, all of the other companies they're competing against will zoom right past them, and they'll never have a chance to catch up again" (NEWSDAY, 12/3). Eve: "This is a smart business decision, and it's a smart business decision we made two years ago. From a marketing platform, these games will be seen by a global audience, so it's still a smart business decision by Citi and we stand by that decision" (Newark STAR-LEDGER, 12/3). In N.Y., Adam Rubin reports the "actual figure Citigroup has committed is $500[M] over 20 years -- a full $100[M] over the figure that has been widely reported." Eve would not comment on whether Citigroup has the "ability to escape the marketing agreement -- only saying there was no intention to walk away from the sponsorship" (N.Y. DAILY NEWS, 12/3). In N.Y., Bill Price writes the Mets are "in a bad spot here," as they "need the money from Citigroup." The Mets "made a deal, and think Citigroup should stick to it," and they "probably know that, in this climate, no other company will pony up that sort of cash." Citigroup execs -- "not Jeff Wilpon -- should be the ones explaining why $500[M] is being spent on naming rights." Price writes, "At the very least, it's possible the Mets are going to get dragged down by the Citi name. It's already happening" (NYDAILYNEWS.com, 12/3).
 |
Citi Field Construction 90% Complete, With
Substantial Work To Wrap Up By Year's End |
MAKING PROGRESS: As for the ballpark itself, construction work is about 90% done, with substantial completion slated to be achieved by month's end. The rest of the time until Opening Day will be devoted to finish work, punchlist items and the remaining demolition of Shea Stadium. Bookings for non-gameday event use of Citi Field are also proceeding, with 10 events in ‘09 already set, comprising a mix of corporate outings, bar mitzvahs and other occasions. Four additional Citi Field signature partners are also expected to be announced in the coming weeks, Howard said, joining existing signature partners Anheuser-Busch and Delta (Fisher). In N.Y., Ben Shpigel wrote yesterday was the "first time" that Citi Field "actually looked like a real, honest-to-goodness ballpark." All of the seats are "in place," and the grass and dirt have been installed. If the Mets "had a team in place," they could "play there today." Shpigel: "Well, almost." The 16-foot wall in left field at the park "makes it a little difficult to pull home runs back, but the fence is noticeably lower in center (maybe 12 feet or so) and even lower in right." Wilpon visited several newer MLB ballparks before and during construction, and he said that PNC Park was "his favorite and considered Citi Field a 'super-sized Pittsburgh.'" Also, the out-of-town scoreboard at Citi Field "sits atop the left-field upper deck, just as it does in Atlanta's Turner Field" (NYTIMES.com, 12/2). On Long Island, Ken Davidoff reports each seat is "angled to face home plate, and less foul territory will bring fans closer to the action." And when fans leave their seats for food, they can "keep an eye on the field thanks to a 360-degree concourse." Meanwhile, Davidoff notes places have been "set aside for a brand new 'Home Run Apple' (in centerfield, in front of the primary scoreboard) as well as the old one, carried over from Shea Stadium (in the 'Diamond Plaza,' behind the seats in centerfield)" (NEWSDAY, 12/3).
|
Related Stories By Company
|
Related Stories By Sport
|
Mets Gained $48M From Madoff Investments
October 21, 2009 :
SportsBusiness Daily
Wilpon Discusses Mets' Disappointing Season
October 6, 2009 :
SportsBusiness Daily
Mets Reduce Ticket Prices Due To Economy
October 2, 2009 :
SportsBusiness Daily
Sources Say Citi Field Has Water Damage
September 9, 2009 :
SportsBusiness Daily
Mets Insist Wilpon Won't Have To Sell Team
September 2, 2009 :
SportsBusiness Daily
|
Boras, Manfred Talk About Finances Escalate
November 20, 2009 :
SportsBusiness Daily
Selig: Concerns Around Economy Still Exist
November 20, 2009 :
SportsBusiness Daily
MasterCard Present At WS DVD Premiere
November 20, 2009 :
SportsBusiness Daily
Hicks Hopes To Remain Rangers Majority Owner
November 19, 2009 :
SportsBusiness Daily
Selig Committed To Condensing Playoffs
November 19, 2009 :
SportsBusiness Daily
|
|
