Man United shirt sponsor TeamViewer ‘is set to pull a £235m deal’ after coming under pressure from investors… with the decision to team up with the Red Devils criticized as ‘a sign of appalling judgment”
Manchester United shirt sponsor TeamViewer could be set to end their £235million deal with the club, according to reports.
The German tech company is reportedly coming under increasing pressure from investors to review its contract with United, described as ‘a sign of appalling judgment’.
But, according to The Telegraph, the £47million-a-year deal could end sooner rather than later following a stern letter from investors Petrus Advisers.
TeamViewer confirmed in August that he would not be renewing his current contract, which expires in 2026, but there are now fears that he may seek a way out sooner.
The TeamViewer deal is United’s second biggest commercial deal – behind the £750m kit deal with adidas.
Manchester United shirt sponsor TeamViewer is set to walk away from its £235m deal
The five-year deal has been called an ‘appalling sign of judgment’ by investors Petrus Advisers
The company, which signed with United in 2021, specializes in remote access and remote control software and says “international brand awareness has clearly increased over the past year as a result of the partnership”.
A statement from TeamViewer, triggered after warnings from London-based investment firm Petrus Advisers, added: “Nevertheless, the company has decided to review its long-term marketing strategy in light of the current macro-economic environment. .
“Furthermore, the company has already communicated its desire to explore options for amending the existing contract.”
TeamViewer said that “international brand awareness has clearly increased over the past year thanks to the partnership”
Petrus Advisers, however, said he “would not condone” the company’s decision.
London-based investment firm Petrus Advisers, which has a 3% stake in the company, added: “As active investors, we will not tolerate you spending approx. 1.4x your net profit or more than 70 million euros per year on sponsorship deals with Manchester United and Mercedes Formula 1. You are not SAP, Oracle or Mercedes.
It is believed that the stock price of TeamViewer has recently fallen.
Petrus Advisers’ words come amid harsh protests from Untied fans targeting the club’s owner Glazer family.
It is reported that fan groups are planning to turn their attention and protests to the club’s sponsors in an attempt to get the Glazers out of the club.
Petrus Advisers’ frustrations, however, appear to be aimed at TeamViewer themselves rather than United.
The news comes amid several fan protests against Manchester United owners
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