Pepsi and Beckham end relationship

CHICAGO (Reuters) - PepsiCo Incon Wednesday said it is ending the soft drink and snack maker's endorsement relationship with football star David Beckham after 10 years in a move described as mutual by both sides.

"We wish David well with the many projects he is pursuing and look forward to the possibility of partnering together with him again someday," the company said in a statement.

Beckham, who plays for the Major League Soccer (MLS) team Los Angeles Galaxy but is on loan to AC Milan in Italy, said he had nothing but good memories of his years pitching Pepsi.

"I hope everyone who has seen the work Pepsi and I have done together enjoyed it as much as I enjoyed making it and, who knows, there may yet be another chapter in this long relationship," he said in a statement provided by Pepsi.

The U.S. recession has hurt the sports world, causing the National Football League and National Basketball Association to cut jobs, Major League Baseball to freeze budgets and Arena Football League to cancel its 2009 season.

Corporate sponsors and advertisers have not been spared either with many reducing spending.

General Motors Corp has slashed promotional spending, including the decision to stop airing ads during the NFL's popular Super Bowl championship game next year. The struggling automaker also said about a month ago it would end its endorsement deal a year early with popular pro golfer Tiger Woods at the end of December.

Terms of Beckham's deal were not disclosed, but the Daily Mail newspaper said the contract had been worth 2 million pounds a year. Beckham touted Pepsi in commercials over the years dressed as a cowboy, a surfer and a gladiator.

In October, Pepsi, which makes Pepsi-Cola drinks, Frito-Lay snacks and Quaker foods, posted a weaker-than-expected third-quarter profit and cut its full-year outlook as the economic slowdown has hurt beverage sales, especially of bottled water.