Nov. 10 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank, will put its name on the New York Mets' new ballpark in what might be the most expensive stadium rights agreement in history, people familiar with the negotiations said.

The ballpark, adjacent to the baseball team's Shea Stadium in the Flushing neighborhood of Queens, will be called ``CitiField'' and will open for the 2009 season. The team plans to unveil the name at a groundbreaking ceremony on Monday, said the people, who declined to be identified before the announcement.

The push to raise Citigroup's profile is part of Chief Executive Officer Charles Prince's plan to boost flagging revenue growth at the U.S. consumer business.

``From Citigroup's perspective it makes tremendous sense,'' said Marc Ganis, president of SportsCorp Ltd., a Chicago-based consulting firm. ``Financial services companies are among the best positioned to benefit from naming rights of sports facilities.''

Mike Hanretta, a spokesman for the bank, declined to comment. The Mets declined to comment beyond a statement detailing a groundbreaking ceremony scheduled for Monday.

Citigroup may have paid as much as $20 million a year, Ganis said, which on an annual basis would make it ``by far the richest naming rights deal in history.''

Record Contract

That would eclipse Reliant Energy Inc.'s 32-year, $300 million agreement with the National Football League's Houston Texans. Even if Citigroup's deal surpasses it, the bank's record may not last long, Ganis said. The NFL's New York Jets and Giants may sell the rights of their proposed new stadium and get more than $20 million a year, Ganis said.

Citigroup will benefit from mass-market appeal and the ability to reach targeted customers. It also will be able to entertain clients and prospects at the ballpark, Ganis said.

The Mets, buoyed by All-Stars David Wright and Jose Reyes, won the National League East and lost the league championship series to eventual World Series champion St. Louis.

The new park will have a grass playing field and seat about 45,000 people. Its facade will be reminiscent of Ebbets Field, the Brooklyn Dodgers' home before the team left for Los Angeles after the 1957 season.

Prince's plan to stimulate Citigroup's growth by hiring bankers, opening branches and increasing marketing budgets has drawn scrutiny from some investors, who argue the strategy costs too much and hasn't yet paid off.

Citigroup's shares have risen 6.1 percent in the past year, yet trail peers such as Bank of America Corp. and JPMorgan Chase & Co. The stock gained 2 cents to close at $50.63 today in composite trading on the New York Stock Exchange.

Construction Site

This afternoon construction crews worked on the new park behind a fence covered with blue plastic. A sign attached to Shea Stadium's facade, towering above the site, read ``Welcome to the Ceremonial Groundbreaking.'' No Citigroup logos or signs were visible.

Mets officials and Citigroup executives have worked together before. The New York-based bank underwrote the team's Aug. 15 bond sale to raise money for the new ballpark. The $613 million offering attracted about $3.2 billion in orders, enabling the banks to cut yields on the debt by 6 basis points, or a 0.06 percentage point.

Also Fred Wilpon, the Mets' chairman, hired current Citigroup Chief Administrative Officer Lewis Kaden as his attorney when he bought the 50 percent stake of the team he didn't own in 2002. Kaden joined the bank last year from the law firm Davis Polk & Wardwell.

Citigroup said Thursday it will pay to put its name on Boston's Wang Center for the Performing Arts for 15 years.

To contact the reporter on this story: Justin Baer in New York at jbaer1@bloomberg.net

Last Updated: November 10, 2006 19:50 EST