Jeff Wilpon says:
“The company is still an ongoing company and a vital company that is doing business around the globe. The taxpayers are backstopping what’s going on in the global economy. It’s not really Citi’s fault that they’re in this problem. There are a lot of other banks in the same situation—with naming-rights deals, also.”
“We have a deal with Citi that is good for them, good for us. It’s good business for us to have the partnership and the relationship. We think we can bring the right people to help them market their product so they can be a going concern, and that over time, the fans that we bring here will become Citi customers and that Citi will thrive and be able to pay the money back to the government.”
“I understand where they’re coming from. I understand that there’s some upset-ness in the marketplace,” Wilpon said. “But we don’t agree with it.”
…and that’s why I blog.
I said it before, I think the Mets should try to get out of this deal: http://www.ontheblack.com/2008/11/26/cititaxpayer-field-really/
I think the Mets should offer Citibank a chance to pay the money on the back end rather than grab $20M now. They’ll live. Citi might not.