CBKB: GM to pass on swanky company suite at Final Four
Associated Press
DETROIT — General Motors Corp. says it will not be using its company suites during the NCAA Final Four at Detroit's Ford Field this year in light of the turmoil in the auto industry.
The automaker was offered the seats as part of its sponsorship of the basketball event. The announcement follows GM's report of a $9.6 billion loss in the fourth quarter.
The company also says it burned more than $6 billion in cash and may need up to $30 billion from the U.S. government to survive.
A spokesman for GM says the company is in talks with the NCAA over what to do with the suites. GM has had a sponsorship deal with the NCAA since 1985, with Pontiac and Oldsmobile having been the lead brands.
