Just a year into its deal with English football club Manchester United, TeamViewer has decided to not renew the partnership beyond the ongoing term.
TeamViewer signed a five-year contract with Manchester United ahead of the 2021-22 season to become the principal partner of the club and replace Chevrolet as their front-of-matchday-shirt sponsor for the team. The German IT company signed this £235m deal in March 2021.
Since the deal’s announcement, TeamViewer’s share price has fallen by more than 70%, and the firm has already made the decision not to extend its contract, which currently runs until the end of the 2025-26 season, with the Premier League team.
The most recent financial report showed an 8% decline in TeamViwer’s share price. The company regained 5% of it, however, after it was announced that its partnership with Manchester United will not be renewed.
A TeamViewer statement read:
“The partnership (with United) has clearly boosted the international recognition of the brand over the past year. Nevertheless, the company has decided to re-evaluate its long-term marketing strategy.“
TeamViewer CEO Oliver Steil said:
“The current macro-economic environment [including the effects of the pandemic and the war in Ukraine] has made decision-makers more cautious, and has postponed investments.“