London (AFP) – Manchester United have agreed a five-year deal with technology company TeamViewer to become their principal shirt sponsor from next season in a reported £47 million-a-year deal, it was announced on Friday.
The German-based firm will replace American car manufacturers Chevrolet, who have been the Premier League side’s main shirt sponsor since 2014.
No figures were disclosed by the club but ESPN reported it was worth £47 million ($65 million) a year, saying it was a £17 million annual drop compared with the Chevrolet deal.
Since the Chevrolet contract was agreed in 2012, United’s fortunes on the field have declined.
The Red Devils have not won the Premier League since former manager Alex Ferguson retired in 2013 and have reached the Champions League quarter-finals only twice in the past 10 seasons.
In a statement, United’s managing director Richard Arnold said: “We are tremendously proud to be establishing this partnership with one of the most exciting and dynamic global software companies.
“The ability to connect and collaborate has never been more important to the world and our community of 1.1 billion fans and followers.
“We are looking forward to working with TeamViewer to bring to life our vision for a partnership built on smarter ways of connecting people and businesses.”
The deal is TeamViewer’s first major move into sports sponsorship.
Investors did not react fondly to the deal, though, as the company’s share price dipped more than 12 percent soon after the announcement.
Despite the limited success since Ferguson’s departure, United’s strong commercial appeal has allowed them to maintain their position as the Premier League’s wealthiest club.
United were fourth in the latest version of Deloitte’s Football Money League, which ranks clubs based on their revenue, behind Spanish giants Barcelona and Real Madrid and European champions Bayern Munich.
200+ Channels With Sports & News
- Starting price: $33/mo. for fubo Latino Package
- Watch Premier League, World Cup, Euro 2024 & more
Many Sports & ESPN Originals
- Price: $9.99/mo. (or get ESPN+, Hulu & Disney+ for $13.99/mo.)
- Features Bundesliga, LaLiga, Championship, & more
175 Premier League Games & PL TV
- Starting price: $4.99/mo. for Peacock Premium
- Watch 175 exclusive EPL games per season