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.
