Taxpayers paying for sponsorships on sports teams, stadiums and college bowl games
Under the financial bailout, taxpayers are becoming silent investors in numerous banks and other financial institutions. The funny thing is, I don’t really think we will ever see any return on our investment. Many of the bailout recipients have paid big bucks for naming rights on everything from sports stadiums to soccer 
teams to college bowl games. Even before the economic downturn, many advertising experts pointed out that these naming deals were more about ego than economics. Even the federal government has gotten involved in sports teams. The feds sponsor several cars in the NASCAR Nextel and Nationwide series. They sponsor the National Guard, Army, Navy and Air Force cars. These sponsorships could cost 12-15 million dollars a year per car. This is all government waste people.
Citi Field– Fresh out of double dipping for more federal cash, Citigroup is poised to have the new New York Mets ball park named for them. Hmmm, considering the Mets have failed to win the last game of the season and thus get into the playoffs each of the last two years, maybe they are thinking Citi’s home runs with the Treasury will come in handy.
AIG – The front of the jersey of Manchester United is emblazoned with a large AIG, the team’s sponsor. However, considering the $150 billion U.S. taxpayers have poured into the company, perhaps “U.S. Taxpayer” would be a more appropriate moniker. Or maybe rename the team Manchester United States.
NFL – Several NFL teams are banking on the stadiums, the Carolina Panthers play at Bank of America stadium, and the Baltimore Ravens play at M&T Bank stadium.
Slap Shot – Well, 76ers play there too, but the Philadelphia Flyers have had more recent success at Wachovia Center – more success than Wachovia Bank, which was recently purchased by Wells Fargo. The Penguins play at Mellon Arena, which was paid for by Mellon Bank before they merged with Bank of New York to form Bank of New York Mellon that tapped the financial bailout. And not to be left out, the Vancouver Canucks play at General Motors (Canada) Place.
Bowling for subsidies – College Bowl season kicks off with the EagleBank Bowl, played in the nation’s capital and named for one of the applicants for the financial bailout package. Formerly known as the Citrus Bowl, the Capital One Bowl will be played New Year’s Day in Orlando, FL. Later that same day, the Nittany Lions will be playing in the granddaddy of bowl games, the Rose Bowl Presented by Citi. I think it should say: the Rose Bowl Presented by the Taxpayers of the United States of America. And while they haven’t gotten federal cash yet, GMAC, the financing arm of General Motors, will have an eponymous bowl game played on January 6.
Information obtained from Taxpayers for Common Sense.
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Tags: aig, air force, army, bailout, baltimore ravens, bank of america, capital one, capital one bowl, carolina panthers, citi, eaglebank bowl, general motors place, m&t bank, manchester united, mellon arena, mellon bank, mets, nascar, national guard, navy, new york, philadelphia 76ers, philadelphia flyers, pittsburgh penguins, rose bowl, sponsorship, vanouver canucks, wachovia, Wells Fargo
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November 25th, 2008 at 5:33 am
[...] See original here: Taxpayers paying for sponsorships on sports teams, stadiums and … [...]
November 25th, 2008 at 9:32 am
Outrageous.
December 14th, 2008 at 6:00 pm
The costs of the US government sponsoring NASCAR teams is not a waste of government funds or tax payer money. They are the cost of doing business in that business. They are a recruiting and advertising cost much like Lowes or McDonalds run commercials on television. This prudent use of your tax dollars reaches a new generation of young Americans and opens them up to the idea of serving their country and what the military can do for them in return.
December 23rd, 2008 at 1:35 am
[...] Taxpayers paying for sponsorships on sp&… Under the financial bailout, taxpayers are becoming silent investors in numerous banks and other financial institutions. The funny thing is, I don’t really think we will ever see any return on our investment. Many of the bailout recipients have paid big bucks for naming rights on everything from sports stadiums to soccer teams to college bowl games. [...]
December 24th, 2008 at 11:35 pm
Thanks for the great tips.
January 6th, 2009 at 12:37 pm
[...] Citigroup paid 400 million dollars for naming rights at the New York Mets’ new stadium. Wait a minute. Do you mean the same Citigroup that recently took a billions of dollars in bailout money from the Federal government? The same folks who are begging for dollars from Uncle Sugar are spending 400 million bucks to name a baseball stadium? (the same baseball stadium that was paid for by taxpayer dollars?) The same Citigroup that paid millions to have their name attached to the annual Rose Bowl game? [...]
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