Sporting Stocks: AIG Inc (NYSE:AIG)

The stock price of Manchester United’s sponsor American International Group, Inc (NYSE:AIG) rose dramatically yesterday as they completed the sale of Pinebridge Investments, which managed $87.3bn for clients across 31 different countries. The American International Group, Inc (NYSE:AIG) stock price jumped to 39.69 (+3.78, +10.53%) at the end of an extremely eventful day of trading.

Sporting Stocks: AIG Inc (NYSE:AIG)

The sale of this investment arm will provide a good deal of cash to American International Group, Inc (NYSE:AIG), and has given some cheer to investors after hearing some bad news for the company in an Ohio courtroom. The company were made to pay $9million to settle an antitrust lawsuit brought by the Ohio Attorney General, which claimed AIG had illegally conspired to fix commercial casualty insurance prices in the area.

A spokesman for AIG’s legal team said they were paying the settlement money in order to avoid the uncertainty of litigation, as opposed to any sort of admission of guilt.

The Manchester United sponsor has been going through a number of tough times lately, being hit extremely hard by the financial crisis. We will see if further positive news can happen for American International Group, Inc (NYSE:AIG) as it looks to continue the upward trend.