INSURANCE company American International Group, last year rescued by the US government, has confirmed it will not renew its sponsorship of Manchester United.
AIG, which has to repay a £40bn loan, part of a £110bn US government rescue, is to end its deal with the Premiership club in 2010.
The club said it was speaking to a “select number of companies” about having their names emblazoned on the club’s famous red shirts. Sahara India Pariwar, which sponsors the Indian cricket team, said it had been approached to discuss a deal.
And despite the worsening economic climate, United’s next sponsorship deal will eclipse the £19m a season it got from AIG, said club spokesman Philip Townsend.
Nigel Currie, director of sports marketing at Guildford, England-based Brand-Rapport, said: “They’ll have no problem getting a sponsor. I think they will be able to get an improved deal because United is so unique, so different and a different class from anyone else in the Premier League. I don’t think they’ll have a problem getting £20m.”
In October, AIG said it would not renew its decade long sponsorship of the US Davis Cup tennis team.