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Sponsorships, Advertising & Marketing
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ManU Confident AIG Shirt Sponsorship Deal Will Be Maintained
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ManU Confident AIG Will
Be Able To Fulfill Sponsorship |
English Premier League club Manchester United (ManU) is "confident that [AIG] will be able to fulfill its commitment" to its shirt sponsorship deal with the team, according to Jeremy Wilson of the London TELEGRAPH, who writes under the header, "Manchester United Remain Adamant That Their [US$101.01M] Shirt Sponsorship Deal Will Be Unaffected By The Huge Uncertainty Surrounding AIG." AIG currently is "seeking a $40[B] bridge loan from the Federal Reserve in an effort to stave off a downgrade from credit ratings agencies and also shore up the capital of its holding company." The company also is "reviewing its operations and discussing possible options with outside parties to improve its business after a week when its stock dropped 45[%] amid concerns about the company's financial underpinnings." The shirt sponsorship deal was signed in '06 and is "worth around [US$25.03M] a year" (London TELEGRAPH, 9/16). ManU would not comment on the situation, but indicated that they "would not expect to hold talks with AIG until the company had fulfilled more pressing obligations to major institutional shareholders and other investors" (London DAILY MAIL, 9/16).
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