GM won’t renew sponsorship of Pittsburgh Pirates
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Bill Jempty | Wednesday, December 10, 2008 |
Talk about losing investments. From AP-
General Motors’ financial problems are spilling over to another entity that is losing a lot, the Pittsburgh Pirates.
General Motors, currently seeking a bailout worth billions of dollars from the federal government, is not renewing a sponsorship arrangement with the Pirates that expired at the end of last season.
Pittsburgh went 67-95 to tie a major league record with its 16th consecutive losing season.
The Pirates would not estimate Wednesday how much the GM sponsorship was worth, but emphasized the carmaker is ending such deals with other major league teams, not only the Pirates.
I think we’ll see more ripple effects in professional sports from the economic downturn. As of yet, it hasn’t decreased the salaries involved in big name signings.
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