United's Shirt Sponsor 'Goes Bust'
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Hot on the heels of the XL collapse, which left West Ham United without a shirt sponsor last weekend, it has emerged that the sponsor of Manchester United has hit considerable financial difficulty.
Manchester United signed an agreement with AIG at the start of the 2006/07 season, and it was the beginning of the most profitable sponsorship campaign in the game's history.
The American insurance corporation agreed to pay £56.5million over four years for the privilege of having their name on the most widely distributed shirt in global football.
However, it has emerged overnight that the Wall Street heavyweight has run into serious financial trouble.
The New York Times reported that the American International Group Inc asked the US Federal Reserve for a short-term finance package in the region of £22billion.
The emergency measure is seen on Wall Street as a desperate attempt to stave off liquidation after a week in which the value of the company dropped by 45%.
However, despite the 'credit-crunch' and financial uncertainty amid the collapse of the American sub-prime mortgage market, the Old Trafford side are confident that they will be unaffected by AIG's turmoil. -
shiok lah.. then City Satay can go be their sponsor already...
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eh i going oversea with my school, then the travel agency help us bought AIG insurance for the overseas trip
since they going bust already, how ah?
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hmmmm.. if you get into an accident or *touch wood* die, no money for you. I'm not joking.
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soon no more manutd/mancity
Manchester Football Club
Home colour will be Light blue + Red -
reversal of fortune mar...From 2008 season onwards, it will be manchester city dominating man united.
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so AIA is safe?
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`busting' is closer to the truth. they are not underwater yet.
they can just sell christiano "i changed football" ronaldo for 100m pounds and all will be forgotten.
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Originally posted by redDUST:
`busting' is closer to the truth. they are not underwater yet.
they can just sell christiano "i changed football" ronaldo for 100m pounds and all will be forgotten.
AIA is just a shirt sponsor. They do not own Manchester United. -
not in the least of my worries..
long quenue of companies wanting their logos pasted on united's jerseys...
if AIG really CMI,then hopefully vodafone come back..cos it looks nicer on our jerseys!~..AIG looks ugly
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Originally posted by F.raon.I.R:
not in the least of my worries..
long quenue of companies wanting their logos pasted on united's jerseys...
if AIG really CMI,then hopefully vodafone come back..cos it looks nicer on our jerseys!~..AIG looks ugly
ya lor.. SHARP or Vodafone :D
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Bring back Sharp.
The club probably has the most glorious moments with them as shirt sponsor.
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Originally posted by KrU:
Bring back Sharp.
The club probably has the most glorious moments with them as shirt sponsor.
Sharp has been quiet in the tech market lately... or have i been under the rock?
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True, they have been pretty quiet recently, with Samsung, LG and others dominating the market.
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Originally posted by sand king:
Sharp has been quiet in the tech market lately... or have i been under the rock?
Sharp and Vodafone has became one..
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Originally posted by KrU:
True, they have been pretty quiet recently, with Samsung, LG and others dominating the market.
Hmmm... I hope United consider Mac haha!
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United calm despite AIG bail-out
Manchester United insist it is 'business as usual' at Old Trafford despite the near collapse of insurance giant AIG, the club's major sponsor.
The US financial corporation was saved by a multi-billion dollar cash injection on Tuesday night.
What would have been the biggest bankruptcy America has ever known was only avoided due to the US Federal Reserve's active involvement by ploughing in £47billion, forcing 80 per cent of the company into state hands.
However, United, who have just embarked on the third part of a four-year deal with AIG worth a record £56.5million, remain calm about the situation.
"It is business as usual for us," said a spokesman for the Glazer family.
Indeed, the Glazers, who have previously attracted a lot of criticism for the massive debt they took on to buy the club in 2004, are eager to confirm the European Cup winners remain on a stable financial footing.
Only last month United signed a massive £9.3million marketing contract with Saudi Telecom, giving it a major foothold in the cash-rich Middle East, with other deals in the process of being negotiated.
And, contrary to recent speculation, the club's corporate boxes are running at 96 per cent of capacity this season, higher than 12 months ago.
"Manchester United is financially strong," insisted the spokesman.
"We have not been adversely affected by the credit crunch."
Having seen their previous deal with Vodafone terminated at short notice, United will be glad they have not found themselves in a similar situation, although there has been some suggestion that the club's recent on-field success could lead to an increase in sponsorship should AIG eventually call time on the current deal.
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use hitachi