This offseason has not been kind to the Wilpons. First was the Madoff scandal, which cost the Wilpons personally. Now news broke earlier today that Citigroup might have to pull out of their naming rights for the Mets new stadium.
Congress has blasted Citigroup for entering into a $500 million naming rights deal with the Mets in the current economic climate, which has cost thousands of jobs at the company. Citigroup has argued that none of the federal bailout money will go towards the naming rights deal.
U.S. Reps. Dennis Kucinich, (D-Ohio), and Ted Poe, (R-Tex.) led the barrage against Citigroup. Although I am a bit biased as a Mets fan, I can agree that a pricey naming rights deal does send the wrong message, when a company like Citigroup is cutting 50,000 jobs and receiving federal aide. Citigroup is nowhere near the trouble that Enron was when their naming rights deal with the Astros ended, but in this economic climate, every big corporation receiving a slice of the stimulus plan is under a microscope.
Keywords: New York Mets
