GM's South Korean unit to halt support for local football team

SEOUL, Dec. 10 (Yonhap) -- The South Korean unit of battered U.S. automaker
General Motors will suspend financial backing for a local professional football
team from next year amid a global economic downturn, the chief of the sporting
franchise said Wednesday.
GM Daewoo Auto & Technology Co. has supplied 2 billion won ($US1.4 million)
annually for the last five years to Incheon United FC, becoming one of its
largest sponsors.
Both are based in the industrial port city of Incheon, just west of Seoul. The
company's sales have slid nearly 30 percent compared to a year earlier amid a
U.S.-triggered economic crisis.
"We're currently running the team in emergency mode," said Ahn Jong-bok,
president of the team, which runs an annual budget of 12 billion won. "It's true
we're walking through difficult times, but we are confident we can make it
through."
As fears of a global recession rapidly spread, South Korean consumers have
shunned big-ticket spending in the face of falling asset prices and stricter
credit.
The worldwide economic downswing has also taken a toll on South Korea-based
automakers and plants that have relied on overseas markets to generate revenues
and maintain growth.
(END)