AIG Pays $98.9M To Sponsor Brit Soccer Club

American International Group has agreed to pay a record ?56.5 million ($98.9 million) for a sponsorship deal that puts its name on the shirts of Manchester United, the famed British soccer team, it was announced today.

The four-year arrangement, which an AIG spokesman said is part of a global marketing strategy, was announced at Old Trafford, the team's soccer stadium in Manchester, England.

"AIG's global operations complement our great fan base and we are excited about the global prospects this relationship brings. This is a blue-chip deal for a blue-chip club," said David Gill, MU's chief executive, in a news release from his organization.

Martin J. Sullivan, AIG president and chief executive officer, said in a statement that the insurer believes "this relationship will mutually benefit both organizations, and we look forward to maximizing the value of this high-profile sponsorship to help grow AIG's businesses around the world."

The AIG brand will be positioned on the front of the team's red shirts when the next season begins--replacing the current sponsor, Vodaphone. Manchester United is owned by a U.S. citizen, Malcolm Glazer, who took over the team last June. He is also owner of the Tampa Bay Buccaneers football team.

New York-based AIG, which does business in 130 countries, currently has 29 percent of its revenue from foreign life and retirement services and 10 percent from foreign general insurance.

An AIG representative, Christian Murray, noted that the Manchester United Club is watched throughout the world via satellite TV--including Asia, where AIG is continuing its major expansion.

He said the company's other sports connected marketing involves sponsorship of Davis Cup tennis, and the Houston Rockets as well as signage in New York athletic venues such as Yankee Stadium, Madison Square Garden and Shea Stadium.