If you were playing competitive sports this weekend, would you want to play for the BP Crosstown Cup?
Apparently the Chicago White Sox and Chicago Cubs came to an agreement with BP back on April 26th. Yes, that was a week after the the oil spill began. The sponsorship agreement gives BP the naming rights to the pretty insignificant "BP Crosstown Cup". Under the 3 year agreement the trophy will be given to the winner of the 6 game interleague series each year between the Cubs and White Sox.
While no one from BP has commented, Chicago Cubs spokesman Kevin Saghy told the Chicago Sun-Times that:
We're trying to stand behind our sponsor, but at the same time be respectful of what's happening off the ballfield,
The trophy made an appearance at Wrigley Field today and was booed by the crowd on hand.
This immediately reminded me of Citi Bank agreeing to pay the New York Mets $20 Million a year for the naming rights to their new stadium. We all know how that turned out. Citi Bank was one of the companies that took Federal bailout money just a couple of years later.
Now I'm not necessarily saying that it is a bad move long term as they are well within their rights to advertise but I wonder if the White Sox/ Cubs had put an out clause in this agreement?
Any other similar instances in recent memory that stick out?