The new Milwaukee Bucks arena got a naming-rights sponsor last week, which, yawn, if I reported on every deal like this I’d never have time to talk about anything else, and a whole lot of corporations would just get some free publicity. But as it turns out, this corporation, the extremely uncreatively named financial services company Fiserv, is dropping money on naming rights to a publicly subsidized arena right after getting $12.5 million in public subsidies of its own as part of the infamous Foxconn deal:
“It makes the Legislature look foolish,” said Sen. Jon Erpenbach (D-Middleton), who voted against the deal. “It makes the governor look foolish.”
People don’t understand why a company would need taxpayer subsidies for its headquarters when it has funds available to buy naming rights, Erpenbach said.
“Maybe the state can sell naming rights on that new (Fiserv) headquarters and get some of the money back,” Erpenbach said.
As with Citicorp getting naming rights to the New York Mets‘ stadium right after getting bailed out by the federal government, there’s no direct relationship here between the naming rights deal and the venue subsidies — it’s just a terrible look for a company to demand $12.5 million in state funds and then turn around and use it to buy ad signage on a building that’s already getting $450 million in public money, especially when the Bucks owners get all the proceeds from the naming-rights sale on the publicly owned building. It’s an even worse look that Fiserv got its subsidy after turning a $1.2 billion profit last year — but then, nobody’s claiming that companies are getting these deals because they need the cash; it’s just extortion exacted by threatening to leave the state. Damn you, Leonard Yaseen.