Fields of Shame: Is the game over for pricey stadium naming-rights deals?

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from MarketWatch:



Sour economy shines light on pricey naming rights
By Shawn Langlois, MarketWatch


SAN FRANCISCO (MarketWatch) -- For the sports purist who nearly choked on his sauerkraut and grilled onions when San Francisco's Candlestick Park was draped in the 3Com brand back in 1995, the nation's financial crisis could carry a whiff of sweet revenge.

With ad budgets tightening across the U.S., the current crop of brand-less venues looking to cash in on their naming rights might have to wait, perhaps a long time, for the economy to thaw. And that's just fine with those ruing the day Jack Murphy turned Qualcomm in San Diego.

Still, despite backlash from Capitol Hill, fans and victims of the bank's failures, it looks like the New York Mets home will carry the Citigroup brand after a 20-year, $400 million deal, the most lucrative ever, was struck during headier times back in 2006.

The fact that Citigroup will spend that kind of cash on such a marketing move while the company is shedding tens of thousands of jobs and being kept alive on the taxpayers' dime hasn't sat too well with at least two guys in seats of power.

Congressmen Dennis Kucinich (D-Ohio) and Ted Poe (R-Texas) teamed up last week in a letter to Treasury Secretary Tim Geithner asking that he demand the financial services giant back out of the deal. While some see naming the stadium as an opulent waste, totally out of touch with the times, others say it might just be smart business. ........(more)

The complete piece is at: http://www.marketwatch.com/news/story/Sour-economy-shines-light-stadium/story.aspx?guid=%7B88AA2482%2D6FCF%2D43F6%2DB5BC%2DC95484A6BF67%7D