rudemedic Posted September 16, 2008 Share Posted September 16, 2008 No not 'almost in greece,' but the insurance giant that sponsors PLC are in serious financial trouble after the collapse of the bank in the US over the weekend. Their market value dropped 75% on Mon and a further 65% today and it was only an emergency $11billion loan from the New York State authorities that prevented it from going under. Can't see them giving more money to PLC in the future (but then again they may have already given them the money up front) and I think those plastic reds will have yet another kit to buy before long. I don't think PLC will be without a sponsor for long if AIG pull the plug but they might not be as active in the transfer market if they haven't got money coming in from their sponsor. It does however seem ridiculous that a company that needs propping up from a government is allowed to sponsor a football team but since Northern Rock are still on the toon shirts (the thing with ashley has revealed that had paid their money up front which can't have helped their financial situation) there's not a lot that can be done about it Quote Link to comment Share on other sites More sharing options...
leeslover Posted September 16, 2008 Share Posted September 16, 2008 It won't make one bit of difference to the Buccs - if AIG default they will just move onto a bigger and better deal. Very true though that it's a piss take that Newcastle have ended up being sponsored by a tax-payer funded company, regardless of when the cash was handed over. They should have let Northern Rock go bankrupt, that's what happens to companies who go off on crazy gambles. It encourages others not to do the same. Quote Link to comment Share on other sites More sharing options...
jimsleftfoot Posted September 17, 2008 Share Posted September 17, 2008 Well the US government will be taking an 80% stake in AIG (in return for a £48bn rescue package) so I would personally hope if I was a US taxpayer that the government doesn't put any constraints on advertising as that would sound a little stupid to me. Also if they have signed a contract with Man U it can't just be cancelled as that is breach of contract. As for Northern Rock, bankruptcy would have probably caused people in other banks to withdraw savings enmasse and where would have we been then. Quote Link to comment Share on other sites More sharing options...
OldhamSheridan Posted September 17, 2008 Share Posted September 17, 2008 Burgling. Quote Link to comment Share on other sites More sharing options...
leeslover Posted September 17, 2008 Share Posted September 17, 2008 Burgling. Surely mugging would have been more practical? Quote Link to comment Share on other sites More sharing options...
OldhamSheridan Posted September 17, 2008 Share Posted September 17, 2008 Surely mugging would have been more practical? I'm just not a people person. Quote Link to comment Share on other sites More sharing options...
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