Manchester United’s £235m deal with shirt sponsor, TeamViewer, won’t be renewed according to the tech firm.
The announcement has been made just a year after it took over from Chevrolet amid promises that its “ground-breaking AR solutions” could revolutionise the fan experience.
However, the last year has been a tough one for the German-based company, which has seen its share price fall from a high of €30.12 in September 2021, to a low of €9.91 last month.
In its Quarterly Statement it told the Stock Exchange:
“For the longer term, TeamViewer does not intend to extend the sponsorship agreement with Manchester United beyond its term.
“While the partnership and its brand-building effect has been positive over the past year, the company has decided to reassess its long-term marketing strategy in light of the current macro environment.”
While the 5 year, £235m deal was the biggest shirt sponsorship in the Premier League’s history, it apparently wasn’t the highest offer on the table.
The club’s Managing Director, Richard Arnold told media in March that they’d signed with TeamViewer as its technology offered something “way beyond money.”
TeamViewer will remain shirt sponsor until the end of its term in 2026.