The English football club Manchester United has announced a four-year sponsorship deal worth nearly $100 million with U.S. insurance company AIG.

The deal covers United's famous red shirts, and will begin next season. United is in its first season under the control of U.S. tycoon Malcolm Glazer, who also owns the National Football League's Tampa Bay Buccaneers.

United had a $15 million a year deal with the Vodaphone mobile phone company, but that deal ends at the end of this season.

United, the 1999 European champions, was knocked out of the Champions League in the group stage earlier this season. The club is currently second to Chelsea in the Premier League standings.

United was the world's richest football club until Spain's Real Madrid took that honor in February.

Some information for this report was provided by Bloomberg and Reuters.