Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

ENCORE!

Haute Couture: the hand-stitched clothing made in Paris that sells for the price of small yachts

Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Netanyahu resists international pressure to stop air strikes on Gaza

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • Are French high school students getting smarter?

    Read more

  • Italy’s Trentin wins seventh stage of Tour de France

    Read more

  • Disgraced Suarez leaves Liverpool for Barcelona

    Read more

  • In pictures: Chanel, Dior and so much more at the Paris couture shows

    Read more

  • French ‘Civic Service’ eyes massive expansion amid huge demand

    Read more

  • In Pictures: Petrol station hit by Hamas rockets

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    Read more

Business

AIG gives up on Man United sponsorship deal

©

Latest update : 2009-01-21

The beleaguered US insurance company AIG said it would not renew its sponsorship deal with Champions League title holders Manchester United. The English football club is known to have approached Indian group Sahara for replacement.

REUTERS - American insurance giant AIG said on Wednesday it would not renew its shirt sponsorship deal with European and world club soccer champions Manchester United.

 

The American company also said in a statement e-mailed to Reuters that it was "in active discussions" with the club regarding the current four-year $100 million deal, which runs until next May.
 

Once the world's biggest insurer by market value, AIG averted bankruptcy in September last year with an $85 billion federal bailout, which later swelled to about $152 billion.

 

The company has started selling assets to raise funds to repay a part of the government bailout.

 

"Following the loan from the Fed, AIG has been reviewing all its sponsorships to identify those essential to maximizing the value of AIG businesses," AIG said in a statement emailed to Reuters.
 

"In October, AIG told Manchester United that it is not renewing its sponsorship. Further, AIG has been in active discussions with the club regarding the current contract, which expires in May 2010," it added.

 

Manchester United was not immediately available for comment.

 

The news comes a day after it emerged that the English Premier League champions had approached Indian company Sahara as a potential replacement for AIG.
 

"We can confirm that we have received a proposal for team sponsorship, it is an elaborate one," Abhijit Sarkar, spokesman for the diversified Sahara Group, told Reuters on Tuesday.

 

Sahara, which sponsors the Indian cricket team, is an unlisted group with interests from financial services to real estate.

Date created : 2009-01-21

Comments

COMMENT(S)