London - Troubled insurance giant AIG will not renew its shirt sponsorship deal with English Premier League club Manchester United when it runs in May of next year.

The news that United would need a replacement sponsor had been expected after the financially crippled company was bailed out to the tune of 150 billion dollars by the US Federal Reserve last year.

AIG has already terminated its sponsorship deal with the US Davis Cup tennis team.

Under the current four-year deal, AIG pays 14 million pounds (19.4 million dollars) for shirt sponsorship and also has a longer 5- million-pound-a-year deal to run MU Finance, a company that offers credit cards and mortgages.

Manchester United said that it has already begun the search for new sponsors. (dpa)