Manchester United’s £235 million shirt sponsorship with TeamViewer will not be renewed, according to the software firm.
The pair agreed a five-year contract in March of last year, but TeamViewer has decided it is not delivering a full return on investment after just one season.
“For the longer term, TeamViewer does not intend to extend the sponsorship agreement with Manchester United beyond its term,” a statement from the firm read.
“While the partnership and its brand-building effect has been positive over the past year, the company has decided to reassess its long-term marketing strategy in light of the current macro environment.”
It has also been reported that the group’s share price has lost 80% of its value since the deal was announced – with shares now trading at £9.11 compared to £31.65.
With the deal being the biggest shirt sponsorship in the Premier League’s history, it apparently wasn’t the highest offer, according to the Daily Mail.
The football club’s sales team have signed several other deals in the technology space recently, including Tezos and DXC technology.
At the time the deal was announced, the Premier League club said that ‘TeamViewer will enable Manchester United to bring its fans even closer to the team they love through ground-breaking AR solutions and remote access to the Theatre of Dreams’.
Previous sponsor Chevrolet paid £17 million a year higher, but United stated that it is ‘confident’ in finding a suitable replacement.