NU Online News Service, Jan.14, 12:50 p.m. EST
Insurance broker Aon Corp. said in a filing it paid more than $50 million last year to sponsor British professional soccer team Manchester United.
The Chicago-based firm also announced it will pay a quarterly cash dividend of 15 cents a share on Feb. 15 to shareholders of record as of Feb. 1.
During the third quarter of 2009 the company reported net income increased 3 percent, or $3 million, over the same period from the year before to $120 million. However, revenues during the period decreased 2 percent, or $40 million, to $1.81 billion.
For the first nine months of 2009, net income was down 63 percent, or $951 million, to $549 million. Revenues were off 3 percent, or $200 million, to $5.5 billion.
In a filing with the Securities and Exchange Commission Tuesday, Aon said during the second quarter of 2009 it paid Manchester United Football Club Ltd. ?35.9 million ($58.4 million U.S. at the current exchange rate) during the second quarter of last year. This includes a down payment of ?8.6 million ($14 million) for each year of a four-year sponsorship agreement.
Aon has a four-year sponsorship agreement for ?80 million ($130 million at the current exchange rate) with the sports team to have the broker's logo appear on players' uniforms.
The brokerage took up sponsorship in May after American International Group's agreement with the team lapsed.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.