US insurance giant AIG have announced that they will not be renewing their sponsorship of Manchester United when their current deal expires in 2010. Reports also suggest the company are trying to negotiate an early end to the deal.
This news is much anticipated since AIG had lost billions of dollars in this economic crisis. They were close to bankruptcy if not for massive cash injection by the government. With an end to the sponsorship, GBP19 million dollars can be saved annually.
Already, Manchester United is looking for fresh sponsors to replace AIG. Will there be more such cases?
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