EXCLUSIVE: TeamViewer, Manchester United’s shirt sponsor, will NOT renew their contract when it expires in 2026…
- TeamViewer is ready to pull the plug on their Man United shirt sponsorship deal
- The software company signed a five-year deal worth £235m in March 2021
- Less than 18 months later, TeamViewer is considering running away from the club
- The company has lost four-fifths of its share value since its deal with United
- Their share price rose five percent after it was announced that the deal with United will end
Manchester United’s shirt sponsor, TeamViewer, has been getting cold feet over the £47million-a-year deal just 18 months after it was announced.
The German company has confirmed that it will not renew the sponsorship if it expires in 2026.
TeamViewer’s stock price has lost four-fifths of its value since the global tech company replaced Chevrolet on the United shirt.
TeamViewer considering withdrawing from their Manchester United shirt sponsorship deal
The software company signed a £235m five-year deal less than 18 months ago
The price of the deal, which was met with skepticism in the German stock market at the time, is seen as one of the main reasons for the company’s problems. Other factors include the war in Ukraine and a downturn in the tech sector after the pandemic.
A statement from TeamViewer read: ‘The international awareness of the brand was clearly increased last year through the collaboration (with United). Nevertheless, the company has decided to review its long-term marketing strategy in light of the current macroeconomic environment.”
The company’s stock price fell by eight percent when it released its latest financial forecast on Wednesday, but recovered by five percent after it was announced the deal with United would end.
Team Viewer chief executive Oliver Steil, who celebrates “two global winning teams joining forces” when the sponsorship was announced last March, admitted he had changed his mind.
But club chiefs are said to be relaxed about the situation, as the deal still has four years to go
‘Decisions in companies are becoming more cautious and are delaying investments,’ says Steil.
The news is a setback for United, who accepted a £17m discount on their £64million-per-year contract with Chevrolet to sign with TeamViewer, even though higher offers were on the table.
The club are said to be relaxed about the situation, however, as the deal is still four years in the making, and are sure to find a great replacement.
United recently added a number of new partners and announced a multi-year global deal with Qualcomm Technologies on Thursday.
The club has had a difficult preseason, with problems in the transfer market – for example the three-month pursuit of Barcelona’s Frenkie de Jong – and the ongoing saga surrounding the famous star Cristiano Ronaldo, who wants to leave.