Citi should be pitching, not quitting
March 2009
The baseball team announced in November that its new stadium will adopt the name Citi Field, rather than retain the original name, Shea Stadium, following a $400 million investment by Citigroup.
According to sources, the Mets’ principal owner, Fred Wilpon, has a long-standing relationship with Citigroup’s private bank. The 20-year sponsorship deal for the 45,000-seat ballpark being built next to Shea Stadium in Queens, New York City, will be worth at least $20 million a year, setting a record for US stadium rights.
Some fans have been vocal in wanting to keep the name Shea, which they say epitomizes the team’s history. The Mets stadium was named Shea Stadium in 1964 after lawyer William Shea, who helped bring National League baseball back to New York after two local teams left. But not everyone is upset about the decision. One Wall Street Mets fan says: “It’s a sign of the times that stadiums are named after the corporations that sponsor them. I couldn’t care less what they call it. Citigroup is paying for half of the stadium, and that means more money to be spent on buying players.”