Shea a Prayer? Citi Debates Mets Stadium Deal

Is common sense coming to Queens? Not yet, but at least Citigroup is considering terminating the naming-rights deal it signed with the Mets in 2006. While no official decision has been made, the fact that this is even under consideration represents a dramatic change in thinking. The deal has been under attack for the past few months as Citigroup has been forced to rely on taxpayer money to stay in business. In a letter to Treasury Secretary Timothy Geithner, two Congressmen called on the bank to end their deal with the Mets saying, "Citigroup is now dependent on the support of the federal government for its survival as an institution. As such, we do not believe Citigroup ought to spend $400 million to name a stadium at the same time that they accept over $350 billion in taxpayer support and guarantees." The Mets are still planning on keeping the deal, "The Mets are fully committed to our contract with Citi." If the deal is terminated, it would be the second big financial blow that the Wilpons, owners of the Mets, have suffered. They also lost millions in the Bernie Madoff scandal.