Manchester United Shirt sponsor TeamViewer has confirmed that it will not renew its partnership with the club – 12 months after the current deal.
The software company confirmed a multi-year agreement with United early last year and is said to be worth £235m.
Although the announcement is getting a lot of attention, TeamViewer has decided that it will part ways with United in 2026.
daily mail Reporting the company’s stock price — which has contained 80 percent of its value since it replaced Chevrolet — imposes their hand.
The cost of the initial deal is said to have been blamed for their current struggles.
TeamViewer’s statement reads: “International brand awareness has increased significantly last year through the partnership.
However, the company decided to review its long-term marketing strategy in light of the current macroeconomic environment.
“Corporate decision makers are becoming more cautious and are putting off investments,” TeamViewer CEO Oliver Steele added.
Other factors that have affected the company are the war in Ukraine as well as reluctance in the technology sector after the COVID-19 pandemic.
United are comfortable with the situation and know they have four years to find a new main sponsor.
CEO Richard Arnold said the process of finding new T-shirt sponsors had previously been “incredibly successful” with 10 potential finalists.
United finished sixth in the Premier League last season with the lowest points tally ever.
They confirmed the appointment of Erik ten Hag as their new manager earlier this year and he was tasked with bringing the Red Devils back to the top.
Arnold spoke to fans earlier this summer and admitted that the previous hierarchy was not up to par.
“Everyone at the club, from the owners down, accepts that the performance this season has been a lot less than we’d expect,” Arnold admitted. “Suffice to say, we are not happy with what we are up to in terms of performance on the pitch.
We are taking decisive action to improve things and there is a huge commitment and passion across the club to get back to where we believe we belong – to challenge and win trophies.
“We feel confident that change is coming due to the actions being taken to achieve long-term success. The appointment of Eric ten Hag was the most visible example of this action, and the most important.”