They Drive a Hard Bargain
According to Field of Schemes:
Geez, you'd think Mayor Bloomberg would have negotiated a better deal than that.
Thirty years at $20 million a year is worth about $275 million in present value, meaning the Citigroup deal will cover about 80% of the Mets' construction costs. As for the city of New York, which is putting up about $200 million towards the project and will actually own the building, its take will be: bupkis. Under the lease deals cut with the Mets and Yankees, the teams keep all stadium revenues, including those from naming rights. (Though the Yankees have said they won't sell the name of their stadium, they almost certainly will sell rights to name major entrances, seating
sections, etc.)
Geez, you'd think Mayor Bloomberg would have negotiated a better deal than that.
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