Manchester United dumps AIG
The British soccer team inks deal with Aon Corporation, severing ties with its long-time sponsor.
NEW YORK (CNNMoney.com) -- Manchester United will soon shed the AIG logo, the British soccer team announced Wednesday, officially ending its association with the fallen insurance giant next year.
The team, which has one of the most recognizable sports brands in the world, said it reached a new sponsorship agreement with global risk management company Aon Corporation.
Aon will replace American International Group Inc., the massive insurance group that was taken over by the government last year, as the team's sponsor.
Under the terms of the deal, which goes into effect in 2010, the Manchester United shirt will feature the Aon brand for the following four years. AIG still owns the rights to the shirt for the coming 2009 season.
"We are delighted that our brand will be showcased to the over 330 million fans of Manchester United as well as the countless followers of football worldwide," said Greg Case, president and chief executive officer of Aon, in a statement.
Manchester lost to Barcelona in the European Champions League last week. But the team took the Barclay's Premier League Championship title last month for the third year in a row.
The company is in the process of selling off the bulk of its assets to repay billions of dollars in federal loans. AIG, once one of the biggest companies in the world, was brought to the brink of collapse last year as the financial crisis unfolded.