The financial crisis is hitting some of the mightiest sports institutions and challenging the skills of sports administrators as they try to rep­lace corporate sponsors tightening their purse strings.

Manchester United is looking for a new shirt sponsor following the near-collapse and bail-out of AIG, the world’s largest insurer. The Premier League and Champions League title holders are said to have been told by the humbled AIG it is in no position to renew its £14m-a-year deal, which is halfway through its four-year term.