Bailed Out Banks Still Blowing Millions on Sports Sponsorships

Posted by Katharine Zaleski, Huffington Post at 12:03 PM on February 2, 2009.

Tax paying sports fans beware... it appears that you may be helping sponsor major teams whether you like them or not! A couple reports out cite how bailed out banks are still spending millions on sponsorships. Moreover, Bank of America is considering a new sponsorship with the Yankees. Read below.

ABC: Bank Of America doled out around $10 million for super bowl festivities...

Despite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium this past week as President Obama decried wasteful spending on Wall St.

The event - known as the NFL Experience - was 850,000 square feet of sports games and interactive entertainment attractions for football fans and was blanketed in Bank of America logos and marketing calls to sign up for football-themed banking products.

HuffPost's Ryan Grim: Congressmen want Citibank to nix its Mets sponsorship deal...

In 2006, Citigroup entered into a $400 million contract with the New York Mets for naming rights to the team's stadium, now called Citi Field. That was then. Housing prices were climbing, no-doc loans were flying out the door and Citigroup was encouraging us all to "Live Richly."

This is now. Citigroup has taken $45 billion in bailout funds -- plus another several hundred billion in guarantees -- to stay afloat as it contemplates breaking into smaller pieces. With that cash in mind, Ohio Rep. Dennis Kucinich, one of the House's most liberal Democrats, and Texas Rep. Ted Poe, one of the most conservative Republicans, see a problem with the $400 million contract. The duo wrote newly-confirmed Treasury Secretary Tim Geithner Thursday urging him to nix the deal.

Charlotte Observer: Will Bank Of America continue to negotiate a Yankees sponsorship deal?...

Charlotte-based Bank of America Corp. continues to negotiate a possible New York Yankees sponsorship amid increased scrutiny of spending by banks that have received government assistance.

Published reports in September said Bank of America was close to a deal to become the largest sponsor in the new Yankee Stadium, although the agreement wouldn't include naming rights. Bank of America already has a sponsorship with the baseball team that includes Yankees-themed credit cards and checking accounts.

Tagged as: sports, citigroup, bank of america, taxpayers' money, bailed out banks

Katharine Zaleski has been the News Editor of the Huffington Post since May 2005.