Manchester United have ended their £235m shirt deal with global technology company TeamViewer.
The Old Trafford side have reached a "mutually-beneficial agreement" which will see them have the option to buyback the rights to the club’s shirt front sponsorship.
A five-year deal was signed with TeamViewer for the company to replace Chevrolet in March 2021.
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A Manchester United statement said: "After a period of collaborative, private discussions over the past months, Manchester United and TeamViewer AG have reached a mutually-beneficial agreement under which Manchester United shall have the option to buyback the rights to the club’s shirt front sponsorship.
"Having agreed its partnership with TeamViewer at the height of the Covid-19 pandemic, Manchester United will be taking the opportunity to commence a focused sales process for a new shirt front partner in a normalised market.
"Once a new shirt front partner is selected and takes on this role, TeamViewer will continue as a valued member of Manchester United’s suite of global partners, providing Manchester United with remote connectivity solutions, until the end of the original contract term in 2026.
"Since July 2021, TeamViewer has benefitted from unparalleled global exposure as the most talked-about shirt front partner in world football, following the most visible launch for a football club partner in the digital era.
"TeamViewer’s financial commitments to Manchester United remain unchanged whilst they remain the club’s shirt front partner, after which their financial commitments will reflect their status as a global partner.
"No further announcement will be made until Manchester United has selected a new partner to replace them on the front of its iconic shirt."
The move comes after BusinessLive reported that losses have continued to mount at Manchester United despite revenue rising.
United posted a net loss of £26.5m for the three months to the end of September compared to a £15.5m loss during the same period in 2021. That's despite total revenue increasing from £126.5m to £143.7m.
According to the first quarter figures, the club's commercial revenue rose 35.7% to £87.4m while matchday revenue grew by 13.3% to £21.3m. However, broadcast revenue fell 19.2% to £35m.
But United have raised their full-year guidance and said they now expect their total revenue will be between £590m and £610m, "driven by strong matchday revenues".
It was also announced in November that the Glazers were considering selling Manchester United or accepting new investment into the Premier League club.
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