Manchester United given option to buy back shirt sponsorship deal from TeamViewer - reports
The move is expected to have a "significant positive impact" on profitability, the company said in its full-year financial statement.
Marcis Rashford is pictured celebrating a goal for Manchester United. The club's shirt sponsorship deal with TeamViewer is to end. — © PA
Manchester United will buy back the rights to its shirt-front sponsorship from TeamViewer AG after the German software company said it would reduce its role with the Premier League team.
TeamViewer wants to remain a "global partner," but at a level "that's significantly cheaper than what we had up until now," Chief Executive Officer Oliver Steil said in a call with journalists on Tuesday.
The move is expected to have a "significant positive impact" on profitability, the company said in its full-year financial statement.
The company reached an agreement late last year to cut short the sponsorship, which was originally slated to go through 2026, after activist fund Petrus Advisers called its deals with Manchester United and the Mercedes Formula 1 racing team, "appalling judgment."
Media reports had pegged the value of the football deal at about £47million.
Petrus disclosed a stake of just below 3 per cent in TeamViewer in November.
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