( CNN ) -- Troubled U.S. insurer AIG will end its shirt sponsorship deal with Premier League and European champions Manchester United next year . End of era : AIG will not renew its four-year sponsorship deal with Manchester United . It was widely believed that AIG would not renew their £19 million ( $ 27 million ) per year shirt deal when the four-year contract expired in 2010 , due to the financial troubles the company has suffered . And , on Wednesday , the company confirmed this . `` AIG 's shirt sponsorship with Manchester United runs through May 2010 . We have no plans to renew the deal , '' said a company statement . AIG is still restructuring after receiving a bail-out of $ 150 billion from the U.S. Government . They also have a £5 million ( $ 6.8 million ) per year deal to run MU Finance , but it is not clear what will happen with that contract . Despite the loss of AIG , a Manchester United spokesman told the UK Press Association that the Premier League giants hoped to better the current deal it had with the U.S. insurer . Have your say : Can football 's giant salaries survive the financial crisis ? `` In line with industry practice , Manchester United is exploring the possibility of a shirt sponsor for the new 2010/11 season . `` The club is in dialogue with a select number of top companies worldwide and has so far received sufficient interest to be confident it can improve on its current £19 million annual partnership with AIG . '' Michael Stirling , managing director of Global Sponsors , predicts United will be able to find a new sponsor who will match those figures . `` I think they will do extremely well regardless of the crisis because they have done superbly in being the world club champions . There will be a lot of interest from major brands that want to be associated with the club , no matter the price , '' he told CNN . Massive Indian corporation Sahara are reported in the Indian media to be investigating the Red Devils ' proposals , while Saudi Telecom is another company believed to be a potential new sponsor . World Club champions United also have strong links in both Malaysia and South Korea . Meanwhile , AIG have insisted they will honor their four-year agreement , leaving the Old Trafford club in a better position than when Vodafone gave just six months ' notice before terminating their deal in 2006 .
Arsenal announced they will not renew its three - year contract with Manchester United . The Old Trafford club believes they can improve on the success they had with AIG . India 's Sahara and Saudi Arabia have been tipped as potential sponsors .