The Mets and Citigroup have agreed on a 20-year sponsorship deal to call the team?s new stadium CitiField.
The announcement will be made at a groundbreaking ceremony tomorrow, a baseball official who was briefed on the ceremony said, confirming a report on the deal Friday by Bloomberg News.
The ceremony will be attended by Gov. George E. Pataki and Mayor Michael R. Bloomberg. The ballpark is being built next to Shea Stadium and will open for the 2009 season.
The sponsorship deal will be worth at least $20 million a year and will set a record for United States stadium rights. The Associated Press reported that the agreement included options for the Mets and Citigroup to extend the deal to 35 years.
The previous record for stadium naming rights is about $10 million annually the Houston Texans receive from Reliant Energy to call their home Reliant Stadium.
The Mets have played at Shea Stadium since 1964. Shea Stadium is named for William A. Shea, a lawyer who helped bring National League baseball back to New York.