Mets Should Bail Out On Citigroup
If you missed Anthony Rieber's column yesterday in Newsday and Newsday.com, take a look. It is time for the Mets to rethink their dealings with Citigroup and the $400 million that they are expected to shell out to the team for the club's new "state of the art world class ballpark" (as we heard on every SNY and WPIX Mets telecast in 2008) for a few substantially important reasons:
The first reason is obvious: Can the Mets trust this horribly run company that now needs a bailout, to make its payments? Even if the $351 billion payout holds Citigroup afloat for the near future, can Fred and Jeff Wilpon trust a company that was begging for government aid to make the payments on the naming rights? What smart businessman would jump into a working agreement with such a company? What kind of company (meaning Citigroup) would set aside $400 million for naming rights on a baseball stadium-not excatly a necessity in these economic times) yet fire more than 50 thousand people in the coming year? What does that say about Citigroup's business acumen? Tough as it must have been, General Motors cut ties with Tiger Woods yesterday. Woods' appearance in those ads was icing on the cake to General Motors. In a strong economy, my 'Bobby Vs. The World' caricature could bring GM seven figures every year.
That leads me to the nexr point: Citigroup and the majority of its holdings are based in the Big Apple. It's safe to say that a good chunk of the people that will lose their jobs will also be from our metropolitan area, Do the Mets want a PR nightmare on their hands, working hand in hand with a company that will layoff so many people? No doubt a few of those laid off are Mets fans. It will be tough for those employees to hear the name 'Citi Field' without cringing as they struggle to make ends meet while keeping their families together.
Perhaps we'll get lucky and the Mets will name their new ballpark "Jackie Robinson Field" or "Willie Mays Stadium." (after the greatest ballplayer in NY National League history.) But chances are the Wilpons will take the money and run-praying Citigroup's checks don't bounce while not having to do the unthinkable-lower ticket prices in the middle of a recession that will get worse before it gets better. It would serve both the Mets and Yankees (neither of whom needed a new stadium) right to see people and companies cut back on discretionary spending to focus on fiscal responsibility. Citigroup, GM, and countless other industries are already learning the hard way. By jumping into bed with a company as unstable as Citigroup, the Mets may suffer too.
