American insurance giant AIG will not renew its shirt sponsorship deal with Manchester United.
In a statement to the Reuters news agency, the US company also said it was 'in active discussions' with the football club regarding the current four-year $100m deal, which runs until next May.
Once the world's biggest insurer, AIG averted bankruptcy in September last year with an $85 billion US government bail-out, which later swelled to about $152 billion. The company has started selling assets to raise funds to repay a part of the bail-out.
Following the loan from the Fed, AIG has been reviewing all its sponsorships to identify those essential to maximising the value of AIG businesses, it said.
The news comes a day after it emerged that the English Premier League champions had approached Indian company Sahara as a potential replacement for AIG. Sahara, which sponsors the Indian cricket team, is an unlisted group with interests from financial services to property.
