TeamViewer have confirmed that they will not extend their shirt sponsorship deal with Manchester United when their current agreement expires in 2026.
The German software company agreed a £47m-a-year deal with United just 18 months ago - a sum which was criticised by a number of financial experts - but have seen share prices fall by 80% since taking over from former sponsors Chevrolet.
While external factors have contributed to the company's tricky financial situation, the £235m deal has been blamed by many for leaving TeamViewer in turmoil.
"The international awareness of the brand was clearly increased last year through the partnership [with United]," a TeamViewer statement read. "Nevertheless, the company has decided to review its long-term marketing strategy in light of the current macro-economic environment."
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Share prices in TeamViewer fell by 8% in its latest financial forecast, but recovered by 5% following the announcement that it would walk away from the United deal.
Company CEO CEO Oliver Steil added: "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."
United, who are believed to have turned down more lucrative offers in favour of inking a deal with TeamViewer, are not worried by the revelation and are relaxed about finding a replacement by the time the current sponsorship deal ends in 2026.
Source : 90min