The tech giant, TeamViewer, is thinking of not renewing the deal with the top club of the Premier League.
TeamViewer calling it quits:
According to the reports that are circulating on the internet and social media, the tech giant TeamViewer is all set to quit the deal with the Premier League soccer club, Manchester United. The two giants signed the 5-year contract back in March 2021, but after just one season of the agreement, TeamViewer is thinking of not delivering a full return on investment.
Confirming this decision in its statement, TeamViewer said: “TeamViewer does not intend to extend the sponsorship with Manchester United beyond its term. While the partnership and its brand-building effect have been positive over the past year, the company has decided to reassess its long-term marketing strategy in light of the current macro environment.
TeamViewer further added, ‘Having successfully implemented short-term measures to improve the bottom line, such as parts of ReMax and the refinancing, the company is now increasingly focusing on medium-term measures to ensure and increase its high profitability. TeamViewer expects that the combined effect of these measures will result in a significant improvement in the company’s margin following the end of the current sponsorship agreement.”
According to the reports, Manchester United ignored higher offers when they were signing the deal with TeamViewer that was worth around £17 million ($20.5 million).
TeamViewer has seen its share price fall by more than 71% since signing up the deal with United last year. The company’s latest quarterly report projected a whole year of billing at the bottom end as compared to TeamViewer’s $640M previous projections.
For the football club, United have plenty of time to find a better replacement partner, and they have signed a number of deals. US-based blockchain platform Tezos has been added as the training kit partner; meanwhile, DXC technology signed up as the sleeve sponsor for this summer, and Qualcomm is also on board for the sponsorships.
Keep following this news and stay up to date to know what will be happening between the soccer club and tech giant company. You can keep track of what will happen next for the sponsorships for Manchester United.
A little about TeamViewer:
TeamViewer is remote access and remote control computer software which makes it easier for the users to have access to other users’ computers by using their own computers. It was released back in 2005 and since then has expanded step by step in the world. It is free and doesn’t require any type of payment to use it.
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It is widely used by private users to have access to other computers. It has helped many individuals across the world. Throughout the years, TeamViewer has rolled out a version for tablets and smartphones. Users can use the TeamViewer app to have access to another smartphone, PC or tablet. Using the TeamViewer, you can solve technical problems from anywhere in the world and create a collaborative remote or hybrid learning experience.