Stadium deals can be great PR for a bank — see the Wachovia centre and Bank of America Stadium — but they can be a disaster too — see Citi Field.
Barclay’s chief Bob Diamond (far right) joined Jay-Z, Paterson, and Bloomberg in breaking ground for the extremely controversial Atlantic Yards project yesterday.
Barclays paid a reported $400 million for naming rights to the New Jersey Nets stadium in Brooklyn. The UK bank has been rumoured to be making a move on retail banking in the U.S.
But not only did they put their name behind the worst team in NBA history, they also signed on to the most-hated development project of all time. At least in Brooklyn.
Beyond police escorts, the shovel party was surrounded by a crowd of angry protesters. Brooklynites don’t want to pay for the new stadium, deal with traffic, or let local buildings be torn down, according to The Brooklyn Paper.