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Monday, September 29, 2008

Citigroup Center or Wachovia Center?

  Comcast-Spectacor officials were meeting with their lawyers this morning, reviewing the likely impact of Citigroup's purchase of part of Wachovia Corp., which owns naming rights to the Sixers' and Flyers' home in South Philadelphia.

  "In our agreement, if the bank is sold, then the naming rights go to the new owner," noted Comcast-Spectacor President  Peter Luukko. That's why prior mergers turned the CoreStates Center into the First Union (F.U.) Center and then the Wachovia Center since 1998.

  But Wachovia hasn't been sold, just split up. (Like Mellon Financial Corp., which stayed in business as an investment company, but sold its branches to Citizens Bank a few years back.) 

  -- Comcast Spectacor's naming-rights deal is with Wachovia Corp., which will remain in business as owner of Evergreen mutual funds and Prudential and A.G. Edwards stock brokerage. 
 
  -- But Citigroup will take over most of the assets of Wachovia Bank, including more than 200 branches, and replace Wachovia as Philadelphia's top bank, raising the possibility Citi may want the naming rights if Wachovia wants out and Comcast-Spectacor is agreeable.
 
   Citi already has naming rights to the Major League Baseball Mets' new home, Citi Field, notes bank spokeswoman Christina Pretto. Re the Center, "at this point it is too early to know," said Wachovia spokeswoman Barbara Nate. "Details will be worked out over time."   
    
Posted by Joseph N. DiStefano @ 10:00 AM  Permalink | 2 comments
Comments   
  • 0 like this / 0 don't   •   Posted 11:59 PM, 09/29/2008
    I would hope that in Philly since we have Citizens Bank Park, maybe to match closer Citicorp Bank Center or Arena. I don't like the shortened "Citi" Center, too close to "s*hitty" since the Met's already locked that name up!
    — BVPHIL
  • 0 like this / 0 don't   •   Posted 1:27 PM, 10/01/2008
    If Citi were on the ball, they would insist on the name change, while the Sixers and Flyers are both on the upswing.... then sell the rights when both inevitably fall short.
    — flyersfannj


2 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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