Man U pulls on a devilish good deal worth $162m

Manager Alex Ferguson is uncharacteristically quiet regarding the AIG deal. Picture / Reuters

MANCHESTER - It's all about the shirts on their backs - Manchester United backs.

For the US insurance company AIG, that is worth £56.5 million ($162 million) over a four-year period.

The deal covering United's famous red shirts, the biggest of its kind in British football, will begin next season and has been hailed as "a blue-chip deal for a blue-chip club" by United chief executive David Gill.

"This is a deal that is right for Manchester United and it underlines our position as the world's leading club.

"AIG's global operations complement our great fan base and we are excited about the global prospects this relationship brings."

United, second in the Premier League behind champions Chelsea, is in its first season under the control of American billionaire Malcolm Glazer and his family after a controversial £790 million takeover.

United's £9 million deal with Vodafone finishes at the end of this season after the mobile phone giant pulled out two years early to switch its allegiance to the Champions League, Europe's top club competition.

AIG president and CEO Martin Sullivan said his company was looking forward to maximising the value of the sponsorship.

Gill said the American company's worldwide reach would help United to increase its commercial operations, particularly in Asia.

"AIG has more than 250,000 employees and agents in Asia alone - a region where we have an estimated 40 million fans. This deal presents both of us with so many possibilities."

Glazer's arrival was fiercely opposed by many fans who were worried about the debt-heavy structure of the takeover.

United pulled out of a more lucrative deal with online betting company Mansion last weekend and Gill said the AIG deal proved the Glazers were with the club for the long term.

"We could have taken a bigger deal. We didn't.

"We took the deal that was right for Manchester United and this is with their [the Glazers'] full backing.

"We are not just trying to make the fast buck. We are trying to do the things that make us stand out."

United's profit fell 20 per cent to £46 million in the 11 months to the end of last June after revenue fell to £157.2 million from £169.1 million.

UNITED FOR PROFIT

* The £56.5 million shirt deal with AIG runs for four years.

* It replaces a £9 million deal with Vodafone.

* Man U hopes it will extend its reach in Asia, where it has 40 million fans.

- REUTERS