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Friday, January 30, 2009

CitiField in peril

Courtesy of

Two members of the House of Representatives are demanding that the Mets scrap their $400-million naming-rights deal with financially troubled Citigroup because of the bank's receipt of federal bailout money.Reps. Dennis Kucinich (D-Ohio) and Ted Poe (R-Texas) sent a letter to Treasury Secretary Timothy Geithner requesting he "dissolve" the contract with the Mets to name their stadium Citi Field. The Mets' home opener there is set for April 13. In an interview yesterday, Kucinich said the financial behemoth is in no position to lay out cash to have its name on the Queens stadium. "It's just totally unacceptable that Citigroup should be able to spend $400 million in naming rights when they're the recipients of a massive federal bailout," he said.

Kucinich and Poe wrote that Citigroup's financial footing "has changed drastically" since the naming rights deal was struck in 2006. The agreement calls for Citigroup to pay $400 million over 20 years for the naming rights.The Mets "are fully committed to our contract with Citigroup," said Jay Horowitz, the team's spokesman.Steve Silverman, a spokesman for Citigroup in Manhattan, called the contract with the Mets a "legally binding agreement" signed two years ago.Once a financial juggernaut, Citigroup has been hit hard in the economic downturn. Taxpayers have funneled $350 billion to the banking giant as part of a federal financial rescue, including loans, in the last several months, the representatives wrote in their letter.In November, Citigroup announced plans to cut 50,000 jobs.Questions relating to the naming rights deal emerged last year as the financial institution's troubles surfaced and some wondered if the record-setting deal should be ditched. Two Staten Island councilmen even proposed changing the name to Taxpayer Field.The representatives' letter requests Geithner demand that "Citigroup dissolve the agreement" with the Mets."Absent this outcome, we feel strongly that you should compel Citigroup to return immediately all federal money received to date, as well as cancel all loan guarantees," the letter stated."Citi Field continues to provide a very positive way to support our community," Silverman said.Under Treasury's Troubled Asset Relief Program, Citigroup received about $45 billion in taxpayers' dollars in recent months.That infusion of cash gives Treasury officials authority to "protect the public's interest," Kucinich said.No TARP money will be used for Citi Field or "marketing purposes," Silverman said.When it comes to what's appropriate for banks to spend TARP money on, "It's a muddy field," said Jay Dahya, associate professor of finance at Baruch College.Treasury Department officials could not be reached for comment.

Thursday, January 15, 2009

Missing out on Lowe & Will Ollie be as jolly?

Omar Minaya's low ball offer to Derek Lowe proved to be low. Derek has signed a 4 year, $60 million contract with the Atlanta Braves, a Mets rival.

Now the Mets are going to try and re-sign Oliver Perez. But how will Ollie feel after he knew he was the second choice?

It's up to Scott Boras.


Sunday, January 11, 2009

Mets news break

Tim Redding has signed a 1 year/$2.5 million deal with the Mets.

The Braves have signed Japanese ace Kenshin Kawakami, pending a physical.

Ken Rosenthal says the a Met official is actually "pessimistic" on their chance of signing Derek Lowe, because the Braves seem to be "all over Lowe."

In the next week, expect:

The Mets to introduce Tim Redding.

The Braves to make an offer, higher then the Mets, to Derek Lowe.

The Mets to explore a trade for Yanks Xavier Nady, although its unlikely.

Friday, January 9, 2009

Mets "very close" to signing Redding


The Mets are close to signing 31 year old Tim Redding, who pitched most recently with the Nationals. Redding went 10-11 with a 4.95 ERA, but take his numbers with a grain of salt, because like his soon to be teamate Johan Santana, he was victimized by his Washington bullpen.
BOTTOM LINE: I am pretty sure this guy will compete with Niese for the 5th starter job. I like this move.

Tuesday, January 6, 2009

Derek Lowe: Soon to be a Met?

Before we begin, I'd like to
aplogize for not updating the blog in a while. Thankfully, Mets hot stove news
has been light, so I didn't miss much.

Back to your regular scheduled programming...


Mets extend contract offer to Lowe

Those rumors were try my friends. The Mets have interest in pitcher Derek Lowe, and have even made an offer to the 35 year older righthander.

Lowe, who most recently was an LA Dodger, looks like he probably will end up a Met. Lets just hope we don't get any "surprise teams" who swoop in and take him.

The offer
The Mets put an offer of $36 million over 3 years.

The reaction

Many say this was a "low ball" offer, and that the Mets will eventually have throw in more cash.

BOTTOM LINE: Lowe and a 5th starter would sure up this rotation.

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