Bailed-out US insurer AIG has announced it will not be renewing its £52m sponsorship deal with Manchester United Football Club (MUFC).
The firm, which signed the agreement in 2005, agreed to pay £14m a year for four years and also has a £5m a year deal to run MU Finance until 2014.
In September last year, AIG received an $85bn rescue package from the US Government in a bid to prevent it becoming another casualty of the credit crunch following the collapse of Lehman Brothers.
Under terms of the deal, authorised with Treasury support, the US Government took a 79.9% equity stake in the company. It said AIG would likely have to sell off parts of the firm to repay its loan.
The insurer has already ended its sponsorship deal with the US Davis Cup tennis team.IFAonline
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