Manchester United have reached an agreement with TeamViewer to buy back the rights to their front-shirt sponsorship, The Athletic report.
The software business company replaced carmaker Chevrolet as the club’s front-of-the-shirt sponsor last term after they agreed a deal worth £235 million until the 2025/26 campaign.
However, the German firm have now mutually decided to change the nature of their future collaboration. United have taken the option to buy back their front-shirt sponsorship rights from them.
TeamViewer will be transitioned out of this role when a new main sponsor is found but they will remain in the club’s partner ecosystem until 2026 with an adapted scope of sponsorship.
A joint statement read: “After a period of collaborative, private discussions over the past months, Manchester United and TeamViewer AG have reached a mutually-beneficial agreement under which Manchester United shall have the option to buy back the rights to the club’s shirt front sponsorship.”
“This will allow Manchester United to commence a focused sales process for a new long-term shirt front partner with the expectation for TeamViewer to transition out of this role as soon as practicably possible.
“Once a new shirt front partner is selected and takes on this role TeamViewer AG will remain part of Manchester United’s partner ecosystem until the end of the original contract term, with an adapted scope of partnership.
“This would lead to a substantial reduction of partnership volume to a single-digit million USD amount p.a., resulting in a significant positive impact on TeamViewer’s profitability.”
TeamViewer suffered substantial losses in their partnership with United. Last month, they came under pressure from partners Petrus Advisers, who asked them to stop bleeding millions with their sponsorship deals with United and Formula One side Mercedes.
In response, the Germany company confirmed that they would be exploring opportunities to amend their contract with United and a resolution has now been found with the Red Devils deciding to buy back their main shirt sponsorship rights from them.
United have begun their search for a new shirt sponsor. They will be hoping for a better deal on the table after the dip in revenues. The club previously received £64m per year from Chevrolet but that had dropped to £47m annually with TeamViewer
