1.4x your net profit or over €70 million per year on sponsorship contracts with Manchester United and Mercedes Formula 1. It read: “As active investors we will not tolerate that you spend ca. Thursday’s news comes in the wake of a scathing letter last month from investors Petrus Advisers, who hold a near three per cent stake in the company, accusing TeamViewer of “appalling judgement” over the deal with United. TeamViewer, which specialises in remote access and remote control computer software, confirmed in August that they would not be renewing their five-year contract with United, since when pressure from investors intensified. The club said TeamViewer’s financial commitments would remain “unchanged whilst they remain the club’s shirt front partner” but that the terms of the deal would alter once a new sponsor was found. United’s contract with TeamViewer is their biggest commercial tie in after their £750m kit arrangement with Adidas. “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.”
“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. In a statement, United said: “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. But they will be searching for a new partner at a time of huge uncertainty over the ownership and direction of the club with the Glazer family looking to sell and in an economically challenging environment. United described the development as “mutually beneficial” in a statement released on Thursday night. Months of talks have now led to United and TeamViewer agreeing to halt the partnership prematurely in an embarrassing turn of events for both parties. TeamViewer will remain as United’s shirt sponsor until the club find a new partner, after which they will continue as a global partner until the end of their contract in 2026. The German technology company has come under huge pressure from investors to scrap their five-year contract with United after being accused of “appalling judgment” and “hubris”. The investment group questioned TeamViewer's spending on sponsorship contracts with Manchester United and the Mercedes Formula 1 team, arguing that the company is "not SAP, Oracle or Mercedes.Manchester United are looking for a new shirt sponsor after agreeing to bring an early end to their £235 million partnership with TeamViewer.
TEAMVIEWER MAN UTD DEAL SOFTWARE
The Göppingen-based firm, which specializes in remote control software and remote access, previously said in November that it planned to review its partnership agreement with Manchester United following intense backlash from investors Petrus Advisers. This will result in a "significant positive impact" on its profitability, TeamViewer added.
dollar amount" per year, according to the company. The move will reduce TeamViewer's partnership volume with Manchester United to a "single-digit million U.S. TeamViewer, which replaced Chevrolet as the Premier League side's front-shirt sponsor in a five-year, £235 million ($1= £0.8212) deal in March 2021, is expected to transition out of this role "as soon as practicably possible." In a statement, TeamViewer said this arrangement will give Manchester United the ability to begin a search for a new shirt front sponsor.
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