A Yankees official told CNBC on Thursday that the two mutually agreed to part ways after seeing the heat that Citigroup was getting for putting its name on the new Mets stadium.
New York Yankees spokesperson Alice McGillion released this statement Thursday afternoon:
"During our discussions with Bank of America, we discussed a special relationship, not a naming rights relationship, with the bank at the new stadium. In light of recent events, with the downturn in the economy and the effect on financial institutions including government support of those institutions, we have determined that it is better to enter into a traditional business arrangement with a financial institution."
Bank of America issued this statement:
"Sponsorship is a carefully managed and heavily evaluated business that generates significant returns for our shareholders through consumer banking sales, commercial lending, private banking, customized credit, and other financial services. We recognize that our decision not to pursue a long-term partnership with the Yankees reflects a lost revenue opportunity for our company however these unprecedented times call for difficult decisions. We still see tremendous value in the Yankees as both a business partner and strong marketing platform, and it is our plan to explore alternative ways to maintain this profitable relationship."
Both Bank of America and Citigroup received $45 billion in TARP funds.