PepsiCo Inc (PEP) announced Wednesday it’s ending its 10-year endorsement relationship with English soccer star David Beckham. 

Both parties claim the split was mutual.

“Our partnership has been one of the most enduring in global brand history and David will always be part of our Pepsi family,” the company said in a statement. "We wish David well with the many projects he is pursuing and look forward to the possibility of partnering together with him again someday.”

Beckham, 33, plays for the Major League Soccer team Los Angeles Galaxy and was the world's highest-paid soccer player in 2004.

"I have nothing but good memories of my 10-year association with Pepsi. Along the journey, I've played a gladiator, a cowboy and a surfer, and worked alongside Beyoncé and Jennifer Lopez as well as some of the biggest names in world football. 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," Beckham said, according to an Advertising Age report.

The maker of makes Pepsi-Cola drinks, Frito-Lay snacks and Quaker foods posted a 2% rise in sales to $3.8 billion and a 11% drop in earnings to $231 million or $1.06 per share in the third quarter.

The recession has hit professional sports leagues hard. Advertising sales for sports are down as much as 15%, according to Anthony Crupi of BRANDWEEK.

More than half of Major League Baseball’s 30 franchises have cut or frozen their season ticket prices, according to media reports. Leagues face more pain as attendance at games is scheduled to drop, as consumers continue to look for ways to trim their budgets.