MANCHESTER UNITED and shirt sponsor TeamViewer have terminated their £235million deal after less than two years.
Back in March 2021, the Red Devils agreed a lucrative link-up with the software company in a partnership that was due to run for five years.
But now they have parted ways after the German technology company blamed Man Utd for a drop in their share price.
A statement read: “Manchester United shall have the option to buy back the rights to the club’s shirt front sponsorship.
“United will be taking the opportunity to commence a focused sales process for a new shirt front partner.”
TeamViewer’s share price has lost four-fifths of its value since the deal was announced – with shares now trading at £10.55 compared to £31.65.
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The software company revealed other factors have negatively impacted investment, including the Ukraine war and the effects of the pandemic.
But the share price increased by five per cent in August after TeamViewer announced they will not renew their agreement with United.
A company statement from four months ago read: “The international awareness of the brand was clearly increased last year through the partnership (with United).
“Nevertheless, the company has decided to review its long-term marketing strategy in light of the current macro-economic environment.”
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The Athletic have reported that investors in TeamViewer accused the Man Utd partnership of “bleeding millions” and showing “appalling judgement”.
And the end of their relationship with the English giants comes amid much change at Old Trafford.
Cristiano Ronaldo saw his contract terminated last month following an explosive interview with Piers Morgan.
Just hours after that decision, it was confirmed by long-time owners the Glazers that they are open to selling if the price is right.
Source: Soccer - thesun.co.uk
