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21/01/2009
AIG End Man Utd Sponsorship Deal
American US insurer AIG has announced they will not be renewing its shirt sponsorship deal with Manchester United.
The troubled firm agreed to pay £14 million annually for four years for the team shirt sponsorship. It has decided not to renew the deal which expires in May 2010.
A longer £5m-a-year deal with MU Finance which began in 2008, was also signed. The six-and-a-half year deal offers insurance, credit cards and mortgages using the MU Finance brand.
AIG needed to be bailed out by the US Federal Reserve last year and is currently selling assets in an attempt to pay back some of the $150bn (£109bn) rescue package.
United spokesman Phil Townsend said: "In line with industry practice, Manchester United is exploring the possibility of a shirt sponsor for the new 2010/11 season.
"The club is in dialogue with a select number of top companies worldwide and has so far received sufficient interest to be confident it can improve on its current £19 million annual partnership with AIG."
The news comes a day after it was reported the English Premiership club had approached Indian company Sahara as a replacement for AIG.
(JM/BMcC)
The troubled firm agreed to pay £14 million annually for four years for the team shirt sponsorship. It has decided not to renew the deal which expires in May 2010.
A longer £5m-a-year deal with MU Finance which began in 2008, was also signed. The six-and-a-half year deal offers insurance, credit cards and mortgages using the MU Finance brand.
AIG needed to be bailed out by the US Federal Reserve last year and is currently selling assets in an attempt to pay back some of the $150bn (£109bn) rescue package.
United spokesman Phil Townsend said: "In line with industry practice, Manchester United is exploring the possibility of a shirt sponsor for the new 2010/11 season.
"The club is in dialogue with a select number of top companies worldwide and has so far received sufficient interest to be confident it can improve on its current £19 million annual partnership with AIG."
The news comes a day after it was reported the English Premiership club had approached Indian company Sahara as a replacement for AIG.
(JM/BMcC)
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