The corporate sponsor of the Davis Cup, AIG, has become the latest company to withdraw from sponsorship of a major sports event as global stock markets tumble.

According to the Associated Press, AIG will not be renewing its sponsorship deal with the Davis Cup for the 2010 season, bringing to an end a decade of sponsorship of the premier international team event in tennis.

The loss of AIG’s sponsorship could be a severe blow to the financing of the Davis Cup, as the company has been the Davis Cup’s only year-round sponsor. AIG was also a sponsor of the United States Davis Cup team and ran advertisements during Davis Cup games.

AIG was one of the corporations bailed out by government loans in September after the company’s stock tumbled, leaving it on the brink of failure.

The company’s withdrawal from sponsorship of the Davis Cup is the first instance of the economic meltdown impacting on professional tennis.

“We haven’t seen any impact yet,” WTA Tour CEO Larry Scott was quoted as saying by the Associated press when questioned about the impact of the financial meltdown on professional tennis. “I wouldn’t foreclose the possibility that we see some impact next year.”