Investor had criticised pricey sponsorship deal
TeamViewer is ending its shirt sponsorship of Manchester United. Photograph: Michael Regan/Getty ImagesTeamViewer said that if Manchester United exercises an option to end the pricey sponsorship deal, the company could see “significant upside to its margin beyond 2023″ after forecasting stagnant growth this year.
TeamViewer wants to remain a “global partner, but at a level “that’s significantly cheaper than what we had up until now,” chief executive Oliver Steil said in a call with journalists on Tuesday. The company reached an agreement late last year to cut short the sponsorship, which was originally slated to go through 2026. Under the terms of the deal, Manchester United will look for a new sponsor for the front of its shirts and TeamViewer will “transition out of this role as soon as practicably possible.”
Activist fund Petrus Advisers called TeamViewer’s deals with Manchester United and the Mercedes Formula 1 racing team “appalling judgment.” Media reports had pegged the value of the football deal at about £47 million . Petrus disclosed a stake of just below 3 per cent in TeamViewer in November.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Is the dash for trash cause for investor concern?Stocktake: Almost anything that was slaughtered in 2022 has soared in 2023 but many are calling it a junk rally
Read more »
Manchester City charged with breaking Premier League financial rulesAlleged breaches occurred between 2009-2018 and the matter has been referred to an independent commission
Read more »
Manchester City charged by Premier League after more than 100 alleged rule breachesThe alleged breaches span a period from the 2009-10 season to the 2017-18 campaign.
Read more »
Commanding Brosnan helps keep United at bayRepublic of Ireland goalkeeper gets an opportunity to show her class as Everton grind out a point
Read more »
Leeds United sack manager Jesse MarschAmerican joined club just over a year ago after taking over from Bielsa
Read more »
Man City charged with numerous breaches of financial rules by Premier LeagueThe Premier League have charged Manchester City with financial breaches dating back to 2009
Read more »