More Beggars Wasting Money
I’ve spoken previously about beggars wasting money. Loyal Crastinate reader Joseph brought this story to my attention. Apparently, Citigroup, the same Citigroup that the government is giving a $20 billion bailout package to, is keeping their sponsorship of the new New York Mets stadium. This sponsorship is a $400 million deal over 20 years which comes out to $20 million a year. That means that, to some degree, the tax payers are paying for the new Mets stadium. What else should we, the taxpayer, pay for? How about a new theme park? I know I could use some fun after this ridiculousness.
I read about this. I think AIG is also going to continue sponsoring some Manchester soccer team. While I think this is pretty despicable if sports teams lost these sponsorships I don’t think they could continue financially without ticket prices being exorbitant (or, hey, novel idea- stop paying someone a bajillion dollars for hitting a ball with a stick).
I personally wouldn’t care if there were never another professional sports team again, but there are probably a lot of other businesses that depend on their staying around.
I’m sure there are contracts in place as well. Getting out of those contracts may cost more then keeping the name on the stadium. Also, they still need to advertise in order to bring in and keep business. Without it they would be in even worse shape, with no hope of turning around.
Related:
http://www.nytimes.com/2008/11/05/nyregion/05stadiums.html
I am a former sportswriter who was constantly appalled by the greed of the owners, the players and the guillability of the fans until I thankfully got out of the game.
I can certainly emphatize with Kate’s desire to see all teams wither away, but here’s a more modest proposal:
Regulate teams like utilities. Guarantee them an 8% rate of return. Anything over that goes back to the municipality. All players and team staff cannot make more than $250,000 a year — same as the U.S. president.
I was listening to the radio this morning and someone mentioned that Citi should now call it “Taxpayer’s Citi Feild”.