Apr 8, 2013, 3:01 PM EDT
Manchester United may have massive debt but it continues to head one direction – down.
In a ground-breaking deal United has reached an eight year $183m agreement with AON for the naming rights to the Red Devils’ Carrington training ground. Beginning on July 1st the training ground will be known as the “AON Training Complex.” The training ground name rights further buttresses AON’s commercial relationship with United, which includes sponsorship of United’s training kit, their annual summer tours and friendly matches.
The AON deal compliments other major sponsorship agreements that United has procured including the seven year $546m deal they signed with General Motors to have “Chevrolet” on their shirts starting in 2014. An AON source said the company were delighted with the training ground deal. “We are very aware and respectful of the fact some people will continue to call the training complex Carrington but in time, we hope they come to understand what the AON brand stands for,” said the source.
The sale of the Carrington sale prompted suggestions that United could end up selling the name rights to Old Trafford. That worry, however, was quickly dismissed by Ed Woodward, United’s executive vice-chairman, who confirmed that “Old Trafford will not be sold.”
Since borrowing $787m to complete their $1.2b takeover of the club seven years ago the Glazer family has become increasingly active in reducing Manchester United’s debt. In addition to massive sponsorship deals the decision to go public on the New York Stock Exchange last August has (as of February 2013) already cut the club’s debt to $550m, down 17 percent from a year earlier.
Manchester United supporters will hope that the next major sponsorship deal the club agrees to is an extension of the current $463m kit supply deal with Nike. February marked the start of an exclusive six-month negotiating period between United and Nike where part of the alleged agenda was to fund a bid to sign Cristiano Ronaldo from Real Madrid.
For now the new AON deal ensures that if the Portuguese winger does make a dramatic return to Old Trafford, United already have an additional $23m per year to fund his wages.
Oct 20, 2014, 11:29 PM EDT
Actor Mark Consuelos made his way to the Crap Part of Soho while the Men In Blazers tried to keep the ball out of their own net.
Oct 20, 2014, 10:47 PM EDT
Bayern Munich have a very difficult match on the road in Italy, while other matchups in Spain, Russia, and Germany will all prove enjoyable.
Oct 20, 2014, 9:28 PM EDT
Meghan Klingenberg bagged a laser beam for her first US goal and Abby Wambach grabbed two as the Americans will move on to the semifinals.
Oct 20, 2014, 8:42 PM EDT
Manchester Police confirmed a man was arrested after flying a drone over the match that entertained 45,000 people.
Oct 20, 2014, 8:00 PM EDT
Aron Johannsson bagged a penalty in his return from groin surgery, while Juan Agudelo continues to search for a new club.
Oct 20, 2014, 6:55 PM EDT
Adel Taarabt says the harsh words from manager Harry Redknapp are not only untrue but damaging as a professional.
Oct 20, 2014, 6:16 PM EDT
The New York Cosmos completed a massive signing, beating out a few of his former clubs to nab the Spanish legend as a player and coach.
Oct 20, 2014, 5:36 PM EDT
Despite a solid confirmation from Croatia, the friendly will reportedly not be happening.
Oct 20, 2014, 4:56 PM EDT
Manchester United came from behind twice but still must settle for a disappointing result away from home.
Oct 20, 2014, 4:35 PM EDT
19-year-old Lazio striker Keita Balde Diao somehow walked away from what looks to be a major accident. His Lamborghini, however, didn’t.
Oct 20, 2014, 3:20 PM EDT
Unruly fans will cost Wales and Galatasary as UEFA continues to crack down on off-the-pitch incidents.
Oct 20, 2014, 2:35 PM EDT
The yearly tournament organizes five-a-side matches for people that are homeless or living in extreme poverty.
Oct 20, 2014, 1:30 PM EDT
Liverpool, Everton and Swansea City are just a few of the Premier League clubs reportedly looking to sign the Marseille winger.
Oct 20, 2014, 12:37 PM EDT
With transfer rumors swirling, the Arsenal forward made it clear that he is #AlwaysAGunner.
Oct 20, 2014, 11:51 AM EDT
Amidst the Ebola outbreak, South Africa has ruled out hosting the continent’s premier tournament should Morocco back out.
Oct 20, 2014, 11:00 AM EDT
Sad news out of India as a young player died after injuring his spinal cord during a celebration.
Oct 20, 2014, 10:15 AM EDT
Ahmed Musa stirred the pot ahead of his club’s Champions League clash this week, calling out City’s form.
Oct 20, 2014, 9:30 AM EDT
Watch the Baggies take on Manchester United today, live at 3:00 p.m. ET on NBCSN.
Oct 20, 2014, 8:40 AM EDT
The Chelsea backup is teaching his replacement how to stay safe from head injuries, which have affected both keepers.
Oct 20, 2014, 8:00 AM EDT
PST’s Lead Writer and Editor takes an in-depth look at the PL during Week 8.
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