Manchester United shirt sponsor problems
United's shirt sponsor AIG has run into serious financial troubles just days after West Ham's shirt sponsor went bust .
Manchester United's agreement with AIG is the biggest shirt sponsorship deal in English football and was signed in April 2006 after Vodafone ended its £9 million-a-year deal.
The contract with AIG is worth around £14 million a year, with United confident that the company will be able to fulfill its commitment to the agreement.
On Friday, West Ham were forced to terminate their shirt sponsorship deal with XL Leisure Group following news that the holiday company had gone into administration and now the Insurance giant AIG has made an unprecedented approach to America's Federal Reserve seeking £22 billion in short-term financing.
The company was forced to request the cash in the wake of Lehman Brother's bankruptcy and the takeover of Merrill Lynch.
AIG's new chief executive, Robert Willumstad, was supposed to announce a restructuring plan later this month, but postponed it because of the uncertainty surrounding the company.
Alan Greenspan, the former chairman of the U.S. Federal Reserve, said that he believes ‘we will see other major firms fail’.
He added: ‘We shouldn’t try to protect every single institution. The ordinary course of financial change has winners and losers.
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Comments
We should have Sharp back again!
censored you, there is nothing wrong with Americans as a people!!!
IT IS THE GOVERNMENT THAT IS THE PROBLEM!
You European should talk with all the foreigners in your countries!!
Or AUDI is also one of the really good sponsors to see.
AIG are most likely to go under, and unlike Fannie and Freddie, won\'t get Bush to help them out.
We\'ve had TV deal collapses, now sponsorship collapses - bout time the \"experts\" realise that the only safe economic strategy for a club\'s financial longevity is........THE FANS!!!! :whistle: :whistle: :whistle:
www.fool.co.uk/news/investing/2008/09/17/aig-saved-stocks-set-to-soarmaybe.aspx
As the Federal Reserve is bailling AIG out to the
tune of $85 billion, Maybe Man Utd. Should just put
the seal of the Federal Reserve on the front.
As for the wishes to bring Sharp back, most companies
dont have $28 million to throw around to put a name on
a shirt. If Sharp or Vodaphone still wanted to sponsor,
then they never would have left.
very fitting courtesy of the portland, oregon newspaper.
SOUTHEND UNITED 1-0 MAN.UTD 6TH NOVENBER 2006