Thursday, May 17th, 2012
General Motors (GM) recently pulled out as the New York Yankees? automotive sponsor for next season?s new stadium?much to the delight of Audi and Toyota, both gladly came in and took GM?s place.
This move comes at a time when GM is desperate to shave off costs. ?We understand their financial condition,? commented Lonn Trost, the chief operating officer for the NY Yankees. ?I think it was a mutual understanding.?
It?s an unfortunate separation, because it ends a young and bustling business partnership. GM has backed the Yankees since 2006.
GM spokesman John McDonald said that the current economic conditions force the company to review the feasibility of all their current sponsorships. In addition to that, the company is aiming to cut the marketing and promotions budget by 20 percent.
And this is not limited to the Yankees and GM. In fact, GM has six other contracts that will expire at the end of the year?those are under review as well. GM still has a couple of contracts on the plate (with the Pittsburgh Pirates and Tiger Woods).
