Citi Explores Breaking Mets Deal

UPDATE...AP is now reporting Citigroup says its deal to pay $400 million for naming rights to the New York Mets' new baseball stadium is still on.

The bank's statement came in response to a Wall Street Journal report on Tuesday that Citigroup is exploring the possibility of backing out of the deal.

The report quoted unidentified people as saying that Citigroup has made no final decision on the matter.

The Mets say Citi has promised to honor the agreement between the team and the troubled financial institution.
Two members of Congress said last week that Citigroup should drop its 20-year marketing partnership with the Mets because of the $45 billion federal government bailout the bank received.
Citi Field is set to open in April.

Wall Street Journal -Citigroup Inc., eager to quell the controversy over how lenders are using government bailout money, is exploring the possibility of backing out of a nearly $400 million marketing deal with the New York Mets, say people familiar with the matter.

Officials at Citigroup have made no final decision about whether to try to void the 20-year agreement, which includes naming the Mets' new baseball stadium after the bank, say these people.

On the bright side, the Mets can do away with the lackluster inaugural patch.