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.
Here’s a quick listing of some of the more notable examples:
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.
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.
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.
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.