Manchester United have secured a five-year shirt sponsorship deal with global technology company TeamViewer with sources telling ESPN that the contract is worth £47 million-a-year -- an annual drop of £17m on their expiring partnership with Chevrolet.
United's world-record deal with Chevrolet, which was agreed in 2012 before starting officially in 2014, was worth £64m -a-year and remains the biggest ever struck by a football club for shirt sponsorship.
But with United failing to win the Premier League or Champions League since 2013, combined with the financial impact of the COVID-19 pandemic, the club has been unable to match or better the terms agreed with Chevrolet nine years ago.
Sources have said that the TeamViewer deal, which will see the German company have their logo on the United shirt from the start of next season, is the biggest standalone shirt deal in the Premier League.
And United could yet reduce the deficit caused by the loss of the Chevrolet deal by securing an automobile sponsor. The Chevrolet deal also saw the American company signed up as United's official car partner, but sources have said that a replacement could see the club earn approximately £10m annually from another automotive partner.
United managing director Richard Arnold said: "We are tremendously proud to be establishing this partnership with one of the most exciting and dynamic global software companies.
"The ability to connect and collaborate has never been more important to the world and our community of 1.1 billion fans and followers."