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Citigroup may back out of $400 million deal with the Mets.

By Amanda Terkel  

"Citigroup may back out of $400 million deal with the Mets."

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citi-field-exterior-rotunda.jpg In November, various bailed-out financial institutions came under fire for refusing to cancel hundreds of millions of dollars in sports team sponsorships. One such arrangement was with Citigroup, which had “a 20-year contract to pay the New York Mets $400 million to name the team’s new stadium ‘Citi Field.’” Today, however, the Wall Street Journal reports that Citigroup is “exploring the possibility of backing out” of the deal. In a statement yesterday, the company also said that “no TARP capital will be used” for the stadium.

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