Jet Moses Posted November 21, 2008 Share Posted November 21, 2008 Will the Mets stadium still be called Citi field? Link to comment Share on other sites More sharing options...
faba Posted November 21, 2008 Share Posted November 21, 2008 Will the Mets stadium still be called Citi field? How about Faba and Moses field? Link to comment Share on other sites More sharing options...
uart Posted November 21, 2008 Share Posted November 21, 2008 Citi has to make annual payments on the name. So, no. Link to comment Share on other sites More sharing options...
PFSIKH Posted November 21, 2008 Share Posted November 21, 2008 Citi has to make annual payments on the name. So, no. If they go out of business, wouldn't they declare bankruptcy and ne relieved of paying? I do not remember the company but Gillette Stadium naming rights were originally bought by a company that went under. I think they were relieved of that financial burden. Link to comment Share on other sites More sharing options...
faba Posted November 21, 2008 Share Posted November 21, 2008 Cit will not go out of business but if they merge with another entity that agreement they had is probably null and void. Link to comment Share on other sites More sharing options...
Bob Posted November 21, 2008 Share Posted November 21, 2008 If they go out of business, wouldn't they declare bankruptcy and ne relieved of paying? Probably, but the name would be replaced with the name of a company that could pay. Link to comment Share on other sites More sharing options...
uart Posted November 22, 2008 Share Posted November 22, 2008 If they go out of business, wouldn't they declare bankruptcy and ne relieved of paying? Yes, Citi won't have to pay anymore if they go bankrupt, but the Mets wont be compelled to keep the Citi name on the building either. Hence what I said: If Citi goes under, the payments will stop, and the Mets will remove the name. I do not remember the company but Gillette Stadium naming rights were originally bought by a company that went under. I think they were relieved of that financial burden. CMGI. I was there for the Stones concert about a month after the name changed. The tickets still said CMGI Field. See: Link to comment Share on other sites More sharing options...
Thai Jet Posted November 22, 2008 Share Posted November 22, 2008 As long as Citi Bank PATS their name stays on. Fail to pay and they forfeit the naming rights and they can be resold. Link to comment Share on other sites More sharing options...
uart Posted November 22, 2008 Share Posted November 22, 2008 That said, they could go into Chapter 11 and continue to make payments as they restructure their debt. Link to comment Share on other sites More sharing options...
PFSIKH Posted November 22, 2008 Share Posted November 22, 2008 Yes, Citi won't have to pay anymore if they go bankrupt, but the Mets wont be compelled to keep the Citi name on the building either. Hence what I said: If Citi goes under, the payments will stop, and the Mets will remove the name. CMGI. I was there for the Stones concert about a month after the name changed. The tickets still said CMGI Field. See: You might want to check your first statement. Link to comment Share on other sites More sharing options...
NIGHT STALKER Posted November 22, 2008 Share Posted November 22, 2008 Jon Heyman 08:35 PM ET CNNSI Citigroup has been tanking for weeks (the stock is at 3.77 after losing 94 cents Friday, down almost 90 percent for the year), but the company maintains it will stick to its $20 million-a-year commitment to the New York Mets and Citi Field. "Citi remains committed to our relationship with the New York Mets. Citi Field is an important marketing priority for the company," Citigroup said in a statement. Companies that buy naming rights for stadiums have not always fared well (see Enron Field) and have occasionally pulled out of their commitments or closed up shop, causing a loss of income for the team and in some cases a field change. Citigroup has hit the skids before even one game has been played. But judging by their statement, they are determined to make it work. Link to comment Share on other sites More sharing options...
Lil Bit Special Posted November 22, 2008 Share Posted November 22, 2008 Jon Heyman 08:35 PM ET CNNSI Citigroup has been tanking for weeks (the stock is at 3.77 after losing 94 cents Friday, down almost 90 percent for the year), but the company maintains it will stick to its $20 million-a-year commitment to the New York Mets and Citi Field. "Citi remains committed to our relationship with the New York Mets. Citi Field is an important marketing priority for the company," Citigroup said in a statement. Companies that buy naming rights for stadiums have not always fared well (see Enron Field) and have occasionally pulled out of their commitments or closed up shop, causing a loss of income for the team and in some cases a field change. Citigroup has hit the skids before even one game has been played. But judging by their statement, they are determined to make it work. If Citi backs out, they'll just find another sucker company to buy the rights. Or they will just gouge the fans more. Either way the Mets will make their money. Link to comment Share on other sites More sharing options...
uart Posted November 22, 2008 Share Posted November 22, 2008 If Citi backs out, they'll just find another sucker company to buy the rights. Or they will just gouge the fans more. Either way the Mets will make their money. The mets will NEVER get as good of a deal in this economy. Link to comment Share on other sites More sharing options...
Bipolar The Titan Posted November 22, 2008 Share Posted November 22, 2008 Adelphia used to sponsor the Titans stadium. Worked out great for the Titans because they were paid up years ahead. Tennessee was able to keep their money while they took their sweet time before settling on building supplies manufacturer LP. Link to comment Share on other sites More sharing options...
The Gun Of Bavaria Posted November 23, 2008 Share Posted November 23, 2008 Glad Citibank was doing so well financially, that they could spend the extra money to buy the naming rights to the new stadium Link to comment Share on other sites More sharing options...
anskyruben Posted November 23, 2008 Share Posted November 23, 2008 I hear Astroglide is interested if Citi drops out. Link to comment Share on other sites More sharing options...
Thai Jet Posted November 23, 2008 Share Posted November 23, 2008 Jon Heyman 08:35 PM ET CNNSI Citigroup has been tanking for weeks (the stock is at 3.77 after losing 94 cents Friday, down almost 90 percent for the year), but the company maintains it will stick to its $20 million-a-year commitment to the New York Mets and Citi Field. "Citi remains committed to our relationship with the New York Mets. Citi Field is an important marketing priority for the company," Citigroup said in a statement. Companies that buy naming rights for stadiums have not always fared well (see Enron Field) and have occasionally pulled out of their commitments or closed up shop, causing a loss of income for the team and in some cases a field change. Citigroup has hit the skids before even one game has been played. But judging by their statement, they are determined to make it work. Thanks Stalker Link to comment Share on other sites More sharing options...
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