Does anyone else find it interesting that, while the Mets managed to seal their stadium naming deal with Citibank, the Yankees are shit out of luck?
The Yankees and troubled Bank of America have ended talks for a major sponsorship deal for the new Yankee Stadium.
The Yankees were reportedly close to a lucrative signature sponsorship deal with the Charlotte, N.C.-based bank in September that would have approached the $20 million per year Citigroup has agreed to pay the Mets for naming rights to Citi Field.
Stadium sponsorship and other sports marketing deals by banks that have taken bailout money - such as Citigroup's current 20-year, $400-million naming rights deal for Citi Field - have come under fire from some in Congress who see them as examples of corporate excess at taxpayers' expense. Other lawmakers see these deals as legitimate business and marketing expenses.
Funny how that worked out, eh?
I'm going to resist the temptation to call Ken Lewis Barney Frank's bitch, but you know that's what's on my mind. I mean really. What's next? Taking away the tax deferral and capital gains advantages of carried interests in general partnerships?
Yankees, Bank of America end stadium sponsorship talks [Newsday.com]