The German technology company – which specialises in remote access computer software – had come under fire from investors over their mega-money, five-year deal with the Red Devils.
After months of talks, United and TeamViewer have now agreed to terminate their contract once a new shirt sponsor has been found, though they will continue as a ‘global partner’ until the end of their contract in 2026.
A statement from United 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.
‘Having agreed its partnership with TeamViewer at the height of the Covid-19 pandemic, Manchester United will be taking the opportunity to commence a focused sales process for a new shirt front partner in a normalised market.
‘Once a new shirt front partner is selected and takes on this role, TeamViewer will continue as a valued member of Manchester United’s suite of global partners, providing Manchester United with remote connectivity solutions, until the end of the original contract term in 2026.’
Although something of an embarrassment for both parties, the tone of United’s statement suggests they believe they can secure a deal worth in excess of the £235m TeamViewer agreed to pay in 2021 – even though there is uncertainty surrounding the club after the Glazers announced they were considering a sale.
Despite being negotiated during the pandemic, the TeamViewer contract was United’s second biggest commercial tie-in, though it was dwarfed by their £750m kit deal with manufacturers Adidas.
TeamViewer had actually been accused of showing ‘appalling judgement’ and ‘hubris’ over their partnership with United in a scathing letter from investors Petrus Advisers last month, who hold a near 3% stake in the company.
The German company announced in August that they would not be renewing their five-year contract with United and pressure from investors to end the partnership even sooner has been intensifying ever since.
The letter read: ‘As active investors we will not tolerate that you spend 1.4x your net profit or over €70million per year on sponsorship contracts with Manchester United and Mercedes Formula 1. You are not SAP, Oracle or Mercedes.’
TeamViewer is United’s sixth front of shirt sponsor and the second to have its deal ended early after Vodafone, who terminated their deal two years ahead of schedule back in 2006.
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