Monday, June 27, 2011

MetLife interested in putting name on Meadowlands: Who says insurance isn't profitable?

New Meadowlands Stadium
((ht: sportsbusinessjournal))

This is why we don't buy the whole "We have to give big companies more tax breaks to hire people argument". And yeah, it's a bit of a political statement, but you've got a prime example right here in front of you.

The Sports Business Journal is reporting Monday morning that MetLife insurance is probably going to purchase naming rights to the New Meadowlands Stadium. At a price somewhere near $17-$18 million a year.

And it doesn't even top the list of naming rights fees.

The deal, would put their name on the stadium where the New York Giants and the New York Jets play their football games in (hopefully). And according to the report; the deal isn't official "Yet".

Read more from the Sports Business Journal RIGHT HERE

While we don't begrudge stadium owners for seeking out these deals, we just have a really hard time with the "Big Businesses" who plead poverty and say they aren't making "Enough" profit, yet can spend $15-$20 million a year to have their name attached to a stadium. And yes, advertising executives say that it is still a value for the exposure, but we find that very hard to believe. Do you really think anyone goes to a game at a stadium named after a product and buy the product because they have their name on the stadium?

No, we thought so.

There are banks, other insurance companies and several really large businesses with their names attached to stadium. It's nice to know Citi Bank was in major financial distress like other banks just a couple years ago, but could afford a $20 million dollar naming rights fee on the New York Mets Stadium.

We know, yeah, owners need the rights fees to pay off their palaces, we get that. We're just saying first, take a longer look before trying to replace your palace on the public's dime and two if you are a business that claims it is in financial distress, don't fritter away money on stadium naming rights and then go lay a bunch of people off...or tell us you are poor.

Enough soapbox...

Brother Phil

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