Manchester United dumps AIG

The British soccer team inks deal with Aon Corporation, severing ties with its long-time sponsor.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Ben Rooney, CNNMoney.com staff writer

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.

An Aon (AOC, Fortune 500) spokesman declined to comment on the financial terms of the agreement.

"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.

AIG (AIG, Fortune 500) reached a deal Tuesday to sell two New York buildings, including its downtown Manhattan headquarters, according to published reports.

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. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
These 10 food trends could dominate 2015 So long, kale. Here's what's expected to shake up the food industry next year. More
Beyond Russia: Geopolitical hot spots in 2015 Investors beware: These 5 global crises are likely to rattle the stock market and world economy. More
These 20 antique guns could fetch big bucks Morphy Auctions in Pennsylvania is putting nearly 1,000 old guns on the block. Here are just a few. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.