Mazuma Credit Union signed a five-year sponsorship agreement with Major League Soccer's Sporting Kansas City.
Mazuma is constructing at Sporting Park the Mazuma Mezzanine, a hexagonal area that will look like a soccer ball and allow fans to sit down and watch the game while they get a drink or a snack. Mazuma is also running Sporting Kansas City's affinity card program.
The value of the deal was not disclosed.
As I have written previously, the credit union tax exemption is not meant to fund such sponsorship deals.
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Really. You know exactly what Congress meant in 1998 when it reaffirmed the CU tax exemption? You know that House Financial Services Chairman Leach told CUs not to market your credit unions to the public because of the tax exemption.
ReplyDeleteI don't remember the Treasury Department telling the TBTF banks do not market your banks to the public because we are loaning you billions of dollars. Or that Sub S banks were told the same thing because they do not pay federal corporate taxes.
I understand your point. But your last sentence should state that it is your opinion, rather than fact.
If you recall, the Obama Administration criticized a bank that received TARP and sponsored a golf tournament. Also, the Obama Administration criticized a TARP bank from going to Las Vegas for some event.
ReplyDeleteBut did not stop Citibank from paying for naming rights to the stadium for the NY Mets. And Citi was in deep, deep trouble at the time of the taxpayer "assistance."
ReplyDeleteThe vast majority of the "naming right deals" are venues owned by the local community or municipalities. The marketing expense goes back to the community as revenue to be used as the municipality sees fit. I don't see the conflict. It seems like the argument is tired and without any merit.
ReplyDeletethe cu tax exemption is tired and without merit.
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