Mets Fans, Don't Set Your Hopes on Citi Field
By RYAN WILSON
Updated 2:05 PM EST, Sat, Nov 22, 2008
This much we know: the Mets will open the 2009 season in a new ballpark. And while Citigroup has already signed off on the $20 million-a-year-for-20-years naming rights, the company has been hard hit by the recent downturn on Wall Street. In fact, Citigroup lost a quarter of its value this week, and closed at $3.77 yesterday, down 89 percent in the past 12 months.
That said, according to the New York Post, Mets spokesman Jay Horwitz insisted that "There is no change in regard to Citi's commitment to the new ballpark." Maybe. But for an outfit that just received a $25 million bailout from the federal government, saw its stock hit a 15-year low, and announced plans to cut 52,000 jobs in the next year, the long-term viability of Citicorp certainly could be in question.
So while it's possible that they can honor their $400 million agreement with the Mets, it's highly unlikely at this point. But that's not necessarily bad news for the team. More from the Post:
"We remain committed to the relationship to the Mets. They are an important part of our marketing priorities," said Citigroup spokesman Steve Silverman. But if Citigroup is bought out, at least the stadium name would presumably change. Still, mega-bucks would in all likelihood be shelled out by the new company for the naming rights because of the prestige and recognition that such a high-profile stadium will bring, experts said.
Yes, stadiums change names as often as players do. Minute Maid Park, home to the Houston Astros, was formerly known as The Ballpark at Union Station and then, briefly, Enron Field. And the historic Boston Garden was torn down and renamed the FleetCenter and later TD Banknorth Garden. The point: maybe the Mets' new digs won't be called Citi Field, but that doesn't mean that some corporate behemoth won't be willing to fork over hundreds of millions of dollars for the right to have their name plastered all over the new stadium.
Copyright NBC Local Media / NBC New York
First Published: Nov 22, 2008 1:45 PM EST
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