February 04, 2009

"Citi Field" now even more embarrassing name than "Enron Field"

Yesterday, the Wall Street Journal reported that Citigroup may try to "void" their $400 million naming-rights deal with the New York Mets, after coming under fire for the expense while getting $45 billion in bailout funds from the federal government. Today, the Mets and Citi both issued statements saying the Journal is on crack, and they accept that they have a "legally binding agreement" to name the almost-finished stadium "Citi Field."

That said, it's pretty clear at this point that the deal is an embarrassment for all concerned, and it seems like an exit strategy is in order. Over at the Village Voice blog, I suggest that the least bad solution might be to admit that the Mets will get to keep their money, but try to resell the name elsewhere, and use the proceeds to bail out the bailouters - to read the whole argument, including an interview with an actual live person who makes his living selling naming-rights deals, click the hotlink now.