More Videos
- Curt Schilling’s Videogame Company Goes Bust
- Collectors Wary Of Investing In Josh Hamilton
- Sergio Tacchini, Djokovic Shockingly Part Ways
- Congress Wants End to Sports Sponsorships by Military
- RGIII Signs Endorsement Deal With Sports Protection Company Evoshield
- Logic of Realignment Won’t Be Clear For a Decade
- Has Chesapeake’s Buying Of Thunder Tickets Inflated The Market?
- GNC, Vitamin Shoppe Keep DMAA Products in Stores
- Derby Winner "I’ll Have Another" Proves the Pitfalls of Handicapping
SPORTS BIZ SLIDESHOWS
SPORTS BIZ VIDEO
- Bloody Sock to Bloody Broke
- Olympic Flame on the Way to London
- Six Flags CEO on Profits
- Yankees for Sale?
- Andretti Racing Dynasty
- Behind Madison Square Garden
- David Faber's Jeopardy Win
- David Faber's 'Jeopardy' Victory
- Cramer's Mad Dash: Retail Stocks
- Minnesota Governor Signs Bill for $1 Billion Vikings Stadium
- Bloody Sock to Bloody Broke
DARREN ROVELL'S SPORTS INDEX
ABOUT SPORTS BIZ
Sports Biz
Text Size 
Citi Field Is Still On
With the U.S. government agreeing today to boost its stake in Citigroup [C
Loading...
()
] to as much as 36 percent, the pressure to undo the bank's 20-year, $400 million naming rights deal with the New York Mets could be growing.
But days after House Financial Services Committee chairman Barney Frank told us he thought sponsorship had as much to do with ego as it has to do with sound business, it appears like Citi Field signs will be there when the Mets play on Opening Day in 38 days.
Citigroup CFO Gary Crittenden told CNBC's "Squawk on the Street" on Friday morning that the bank has a contractual obligation and that will be honored.
A Mets official reiterated to CNBC this morning that Citigroup's deal with the team is a binding contract.
It is believed that in order for Citigroup to get out of the deal, they'd have to pay a breakup fee that would somehow make the Mets whole. Since it's generally believed that the Mets couldn't sell the same naming rights package today for more than half of what Citigroup bought it for, that breakup fee would likely be worth at least $200 million.
Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes
