Did you download the 9,000+ Logopack? A few people have had that problem. This is how to fix it...
Go to:
C:\Program Files\Steam\steamapps\common\football manager 2010\data\
or
C:\Program Files\Sports Interactive\Football Manager 2010\data\
COPY the file graphics.fmf to...
C:\Users\[UserName]\Documents\Sports Interactive\Football Manager 2010\
or
C:\Documents And Settings\[UserName]\My Documents\Sports Interactive\Football Manager 2010\
Then do the untick skin cache and reload FM Skin settings.