Citigroup Explores Ending Naming Rights Deal With New York Mets 03/02/2009 |
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Citigroup Inc. is studying ways to pull out of a marketing deal with the New Yorks Mets baseball team, as it fends off criticism over the use of cash from the Troubled Asset Relief program, the Wall Street Journal reported, citing people familiar with the matter.
Citigroup said yesterday that TARP funds were not being used in the Mets deal, under which the bank's name would adorn the team's new stadium for 20 years, in exchange for almost $400 million, the Journal said.
Both Republican and Democrat congress members have attacked the Mets deal, saying it was an example of inappropriate use of bank funds, the Journal reported.
(Source: Bloomberg)
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