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Citi's Mets Deal Makes Sense in the Long Run

$400M, over decades, will generate lots of publicity, help pay back bailout funds

By Harry Kimball, Newser Staff

Posted Feb 4, 2009 2:31 PM CST

(Newser) – Citi’s $400 million naming-rights deal with the New York Mets may seem “tone-deaf and stupid” after the bank took $45 billion in bailout funds, Daniel Gross writes in Newsweek—but it’s a good idea. “Companies—even companies getting bailed out by the feds—need to attract customers and to build their brand image.” And Citi’s exposure will be huge on TV, in print, and, yes, at the ballpark.

The agreement, set to last at least 20 years, is “something of a natural” for the New York-based bank, Gross writes. Baseball attracts prosperous fans, and games are often used to entertain clients. “In short, a lot of the sorts of people who are likely to utilize Citi’s services will be attending games at Citi Field.”

[Images (4)]

[Quotes (2)]

The New York Mets' new stadium with a Citi Field logo on prominent display. (AP Photo)

People who watch on TV will see the advertising inherent in Citi Field, as will millions who drive past or travel to or from nearby LaGuardia airport. (AP Photo)

Citigroup headquarters in New York. (AP Photo)

The New York Mets line the dugout steps. (AP Photo)

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Since 1926, baseball fans on the north side of Chicago have spoken about going to games at Wrigley Field. Does that make fans more likely to buy Wrigley's gum products? It can't hurt. - Daniel Gross

Corporations tend to make grandiose civic/corporate statements right when they are about to implode. If you had shorted Citi's stock when it announced the sponsorship deal in 2006, you would have made a lot of money. - Daniel Gross

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Citi's Mets Deal Makes Sense in the Long Run