It’s interesting to see politicians and media people excoriating Citigroup for the Mets’ naming rights deal while folks who, you know, actually know stuff about business and sports are defending it. This from Darren Rovell:
It is not rational to think the contract can just be dissolved, so if we want to talk breakup fee, let’s get started. Given the fact that the Mets likely can’t get $150 million for the same deal today, you’d have to think that Citi would have to pay at least $150 million to terminate the deal. Is that what people want? That instead of getting something for $400 million, they get nothing for $150 million? That’s a bigger waste than the deal that exists now.
He has four other good points as well, and I agree with all of them.
(thanks to Pete Toms for the heads up)