They never got to first base.
Much-maligned Bank of America has ended its negotiations for a major sponsorship deal with the Yankees in the wake of its massive taxpayer bailout.
“We concluded our negotiations on a long-term agreement in early January,” bank spokesman Joe Goode said yesterday.
“We still see tremendous value in the Yankees organization as both a business partner and a strong marketing platform. We will explore alternative ways to maintain a business relationship.”
Although the two sides never took a swing at naming rights, the Yanks and the bank were close last year to a deal approaching $20 million per year.
It would have covered a marketing arrangement that would have included the right to put up signs in prime areas in and around the new stadium.
Citigroup paid about the same amount to the Mets to name their new stadium Citi Field. But cutting a deal in the new bailout era is as difficult as making the playoffs without a strong rotation.
And the Yankees said the government bailout made both the bank and the team balk.
“In light of recent events, with the downturn in the economy and the effect on financial institutions including government support of those institutions, we have determined that it is better to enter into a traditional business arrangement with a financial institution,” the team said in a statement.
The new Yankee Stadium opens with an exhibition game against the Cubs on April 3. The first regular season game at the new ballpark will be April 16.
Bank of America CEO Kenneth Lewis earlier this month had promised Congress his bank would use its bailout money carefully.
“Taxpayers want to see how we are using this money to restart the economy and want us to manage our expenses carefully,” he said.
“These expectations are appropriate, and we are working to meet them.”
Bank of America came under fire from lawmakers during the Super Bowl for using $10 million to underwrite the NFL Experience, a five-day event featuring 850,000 square feet of games and entertainment attractions outside Raymond James Stadium in Tampa.
And it’s already paying $140 million for the naming rights to the NFL’s Carolina Panthers stadium.
The bank has pocketed $45 billion in government bailout money from the Troubled Assets Relief Program.
Lawmakers have panned Citigroup’s deal with the Mets, calling it another example of corporate excess.
“If you are in trouble financially, you don’t worry about putting your name on a baseball stadium,” Rep. Dennis Kucinich (D-Ohio), a member of the House Oversight and Government Reform Committee, said recently.
Citigroup also has promised to use its bailout money wisely.
“No TARP capital will be used for Citi Field or for marketing purposes,” it said.