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Bailed-Out Banks Won't Bail on Sports Sponsorships

Gaudy expenditures anger public, Congress

By Kevin Spak, Newser Staff

Posted Nov 25, 2008 11:06 AM CST

(Newser) – Citibank is getting billions from taxpayers and cutting thousands of jobs, but it's not canning its 20-year, $400 million deal to dub the New York Mets’ new stadium “Citi Field.” Such big advertising deals are coming under the microscope—and have critics crying foul, ABC News reports. “This type of spending is indefensible to Citigroup’s new partner and largest investor: the American taxpayer," fumed one lawmaker.

AIG, beneficiary of a $150 billion rescue, is paying $125 million to put its logo on Manchester United’s jerseys. “They should put ‘US Treasury’ on the front,” joked a watchdog-group representative. Banks say the deals actually drive revenue by building their brand. But some marketers disagree. The naming deals are “ego driven” says one. “It’s a complete and utter waste of money.”

[Images (5)]

[Quotes (1)]

This artist's rendering provided by the New York Mets shows a view of the Mets new stadium, scheduled to open in April 2009, with it's newly unveiled Citi Field logo. (AP Photo/New York Mets)

This artist's rendering provided by the New York Mets shows a corner view of the Mets' new stadium, scheduled to open in April 2009, with it's newly unveiled Citi Field logo. (AP Photo/New York Mets)

This artist's rendering provided by the New York Mets shows the Mets' new stadium, scheduled to open in April 2009, with its Citi Field logo. (New York Mets)

The logo of team sponsor AIG is seen on the shirts of Manchester United's players during their UEFA Champions League match, Sept. 17, 2008. (AP Photo)

LONDON - SEPTEMBER 16: AIG sponsored Manchester United football shirts are displayed for sale on September16, 2008 in London, England. (Getty Images)

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Up until now they were businesses who could invest or waste their money as they see fit. But now we're the shareholders. - Steve Ellis, Taxpayers
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Bailed-Out Banks Won't Bail on Sports Sponsorships