Citigroup and other financial service companies are sweating out a public relations disaster for spending on sports stadium namingrights while taking TARP money from the government.
In public pitches for the project starting in 2006, university officials talked about raising hundreds of millions through an "Endowment Seating Program" that was to endow all 29 of Cal's varsity sports and more yet by selling namingrights to various components of the stadium.
While namingrights are commonly sold in professional sports, many universities think there are too many conflicts of interest to raise money for their facilities in this manner.
The fact that Giants Stadium and Cowboys Stadium still lack a namingrights deal is evidence that a lagged sluggishness remains in the sports sponsorship marketplace.