MANCHESTER UNITED and shirt sponsor TeamViewer have called off their £235m deal after less than two years.
As early as March 2021, the Red Devils agreed on a lucrative connection with the software company in a five-year partnership.
But they have now split after German tech company Man Utd blamed a drop in their share price.
As reported by Manchester evening newsa statement read: “Manchester United are said to have the option to buy back the rights to the club’s shirt sponsorship.
“United will take the opportunity to begin 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 – shares are now trading at £9.11 compared to £31.65.
The software company said other factors negatively impacted investments, including the Ukraine war and the impact of the pandemic.
But the share price rose five percent in August after TeamViewer announced they would not be renewing their agreement with United.
A company statement from four months ago said: “The international awareness of the brand has increased significantly over the past year through the partnership (with United).
“Nevertheless, the company has decided to review its long-term marketing strategy in light of the current macroeconomic environment.”
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The Athletic have reported that investors in TeamViewer have accused the Man Utd partnership of “bleeding millions” and showing “appalling judgement”.
And the end of her relationship with the English giants comes amid many changes at Old Trafford.
Cristiano Ronaldo saw his contract terminated last month after an explosive interview with Piers Morgan.
Just hours after that decision, it was confirmed by longtime owners, the Glazers, that they are open to a sale if the price is right.
https://www.the-sun.com/sport/6928144/man-utd-teamviewer-terminate-shirt-sponsorship-deal/ Man Utd and TeamViewer cancel £235m shirt sponsorship after the tech company blamed the lucrative deal for the stock price slide