Man Utd shirt sponsor TeamViewer ‘close to pulling OUT of £235m deal’ after coming under pressure from investors
MANCHESTER UNITED shirt sponsors TeamViewer are considering pulling out of their £235million deal, according to reports.
The German tech firm have featured on the front of the Red Devils’ jerseys since the start of the 2021-22 season.
APManchester United shirt sponsors TeamViewer are considering pulling out of their deal[/caption]
Their five-year deal runs until 2026, with the company confirming they would not renew that contract.
However, according to The Telegraph, TeamViewer are under pressure to back out of the £47-per-year deal.
The report says investors have described the deal as a “sign of hubris and appalling judgement”.
Investors Petrus Advisers, who own nearly three per cent of TeamViewer, sent a blasting letter, leading to an urgent review.
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Petrus slammed: “As active investors we will not tolerate that you spend circa 1.4x your net profit or over €70million [£60m] per year on sponsorship contracts with Manchester United and Mercedes Formula 1. You are not SAP, Oracle or Mercedes.”
TeamViewer, who work in remote access and remote control computer software, responded and a spokesperson said: “The international awareness of the brand was clearly increased last year through the partnership.
“Nevertheless, the company has decided to review its long-term marketing strategy in light of the current macro-economic environment.
“In addition, the company has already communicated its desire to explore opportunities to amend the existing contract.”
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TeamViewer’s deal is second only to the £750m commercial contract with kit manufacturers adidas.
Despite enjoying a boom during the pandemic, TeamViewer’s share prices have been sliding since.
Similarly, United’s share price is also on the way down.
It currently stands at £10.89 but was £17.05 in September 2021 just after the TeamViewer deal kicked in and £12.79 just two months ago.
On the pitch, where the eyes of millions around see the TeamViewer logo, things have looked better for the club under Erik ten Hag.
The Red Devils bounced back from a shock loss against Aston Villa to beat Fulham in the final game before the World Cup break.
United sit fifth, three points off the top four with a game in hand and face Barcelona in the next round of the Europa League.
