Next stop, Barclays Station

British bank Barclays wants to put its name on a New York City subway station. The city’s Metropolitan Transporation Authority announced this week that it is selling the rights to rename a busy downtown Brooklyn station for about $4 million. It’s the first time MTA has successfully entered such a deal (something it has been trying to do for years as a way of bringing in more revenue).

Banks put their names on all types of things — sports stadiums, music festival stages, and race cars, so why not a subway station? But while it may be good for MTA’s coffers, subway riders and some critics of the plan wonder if commercialization of public places or services is crossing the line.

Sponsorships and naming rights have traditionally been a big boon for both sides for years now. It usually is great advertising for companies and it is big source of revenue for colleges, non-profit organizations, or other people in need of some extra cash flow.

But the current economic mess we are in has created a shake up of corporate sponsorships.  And some people are angry about bailed-out banks that are spending cash on naming rights and other advertisements. In response to some of that hub bub Bank of America has yanked its naming rights and sponsorship deals with the New York Yankees and USA Olympic Team this year.  But other corporations and banks (namely Citigroup, AIG, and PNC Bank) continue to honor deals and make new ones.

Sponsorships are too valuable to go the way of Lehman Brothers, but both sides should weigh the benefits and the potential backlash before sealing the deal. Because who really wants to hop aboard Taco Bell Transit or fly a kite at Pepsi Park.