When Citigroup bought the rights to put its name on the Mets’ new ballpark two years ago, the global financial giant and some of its top executives were quite familiar to Fred Wilpon, the principal owner of the Mets and a real estate developer.
The Mets turned to Citi, not Bank of America or JPMorgan Chase, reasoning that as a New York-based company with global scope, it would covet the 20-year, $400-million deal, which could be extended by 15 years, and be able to keep a competitor out.
My Response: Citi Group seems to have a bigger debt grown everyday. Since the posting of the quarterly earning of 5.5 billion, they have realise that their investments with sports team, Mets, were not properly policed, and there was too much excess lending of funds. Citi Group should have known that by continuing this excess of lending, they would lose a lot of money. They probably believed that they would get the money back in return from Mets sales.
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