Manchester United’s shirt sponsor blames the club for it’s stock price drop and terminates their lucrative £235m sponsorship deal
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Manchester United and shirt sponsor TeamViewer have ended their £ 235 million partnership just two years after inking the deal. In March 2021, the Red Devils signed an agreement with the software giants that was supposed to last five years. However, the German technology firm faced a decrese in stock price. They attributed the fall to the partnershp with United, which led to the deal’s termination.
Since TeamViewer announced a new deal, the company’s stock price has drastically declined, with shares now trading at £10.55 compared to the pre-deal amount of £31.65 – a decrease of approximately 80%. The software company disclosed that several external pressures, such as the Ukraine war and the coronavirus’s repercussions, have negatively affected their investments. However, their stock price climbed by five percent in August after TeamViewer declared they would not renew their contract with United.
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,”. The Athletic reported that investors in TeamViewer have expressed their concern about the partnership with Manchester United, suggesting it was a poor judgement that cost them millions.
This comes as the club undergoes numerous changes, including the recent termination of Cristiano Ronaldo’s contract after a controversial interview with Piers Morgan. In addition, the Glazers, long-time club owners, have announced they will consider selling if the right offer is presented.
Avram Glazer provides an update on the Man Utd sale as rumours of acquisition interest from Apple and Amazon continue
Avram Glazer has stated that selling Manchester United is advancing as speculation around a takeover of the Premier League club continues. Supporters of the team have been hoping for the unpopular Glazer owners to depart, and the revelation that they may be open to offers has been welcomed. Although there have been rumors that tech giants such as Apple and Amazon may be interested in buying the team, no new information is available that would excite the fans.
Avram Glazer commented to The Athletic in response to being asked about a potential takeover timeline. He said, “It’s not necessarily a sale, it’s a process, and we’re going forward with the process, so we’ll see what happens,” When asked to reveal the number of potential buyers for Man United, the American entrepreneur who traveled to Qatar to watch the World Cup semi-final game between France and Morocco responded, “I’m here to watch the World Cup, but I appreciate your interest. That’s the update, the process, and the process is proceeding,”.
Erik ten Hag, the manager of Manchester United, has expressed his wish for new resources to come to the city. His team is currently sitting in fifth place in the Premier League, but they are still hoping to reach the top four and compete for success in the Carabao Cup, FA Cup and Europa League.
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Ujan Chakraborty
(1240 Articles Published)