AIG has confirmed it will not be renewing its shirt sponsorship of Manchester United when the deal expires in 2010.
American International Group Inc. is in the process of restructuring its business and shedding assets to raise funds after receiving a $150 billion bailout last year from the U.S. government.
The company has already ended its decade-long sponsorship of the U.S. Davis Cup team.
The Manchester United deal is worth a reported 19 million pounds ($27 million) annually.
"The shirt sponsorship runs to May 2010," AIG said in a statement given to The Associated Press on Thursday. "There are no plans to renew the deal."
United has already started looking for a new sponsor and has sounded out Sahara, a leading Indian business conglomerate as well as Saudi Telecom.
"We are in dialogue with a select number of companies worldwide," United spokesman Phil Townsend said earlier this week.
Even with the current economic climate, United should have no problem securing a deal better than the AIG agreement. Manchester United is the most popular soccer team in the world and won the Premier League, Champions League and the FIFA World Club Championship last season.
