Manchester United suffer financial blow as Chevrolet swerve £ 400 m shirt deal after they ‘massively overpaid’ for current contract and are left unhappy with recent on-field results
- The American car manufacturer signed a staggering £ 410 million deal in 2012
- Sir Alex Ferguson was at the helm and United were challenging for top honors
- The fallen giants look further than ever from challenging due to current form
- Chevrolet have been thoroughly unimpressed with United’s performance
ByMike Keegan For The Daily Mail
Published:17: 29 EDT, (October) |Updated:19: (EDT, (October)
Manchester Unitedare searching for a new shirt sponsor with Chevrolet highly unlikely to renew their deal while the club struggle on the field.
The American car manufacturer signed a staggering £ 410 million agreement in 2012, when Sir Alex Ferguson was at the helm and United were consistently challenging for top honors.
The seven-year deal came into play in (*************************************************.
Manchester United are in negotiations with a host of brands over a new shirt sponsorship deal
| CLUB | |
|---|---|
| Man United | |
| Man City | £ (m) | Arsenal | £ (m) |
| Chelsea | |
| Liverpool | £ (m) |
In the time United have displayed the Chevrolet brand on their shirts, they have failed to win the Premier League title and come nowhere near lifting the Champions League.
Now, with the club two points above the relegation zone under struggling manager Ole Gunnar Solskjaer, the fallen giants look further than ever from challenging again at the highest level.
Industry sources say that bosses at General Motors (GM), of which Chevrolet is a division, have been thoroughly unimpressed with United’s performance over the duration of the deal, which expires at the end of next season.
However, there is also a belief that the deal was never going to be renewed.
One insider said: ‘It was doomed from the start. The feeling within was that Chevrolet had massively overpaid and it was never going to get done again. ‘
United’s executive vice-chairman Ed Woodward is confident a new deal will surpass that sum
Indeed, the man who agreed the deal, global marketing chief Joel Ewanick, was axed less than 48 hours after it was announced.
At the time, it was reported that GM executives were furious when they learned their company would be paying substantially more than United’s last sponsor Aon.
It was also claimed Ewanick failed to give his bosses full details of the agreement before signing off on it, although the man himself later described the deal as a ‘no-brainer’.
Figures seen bySportsmailshow the agreement with Chevrolet, which has brought in around £ 58 .6m per season, dwarfs those the club had previously agreed.
Aon (2010 – 14) paid £ 19 .6m a season, AIG (2006 – 10) £ 14 .1m and Vodafone 2000 – 2006 £ 8m.
It is understood that United have already begun their search for a new sponsor and club insiders say they have had expressions of interest from a number of leading brands.
United have endured a tough start to the season and are two points above the bottom three
Despite their stuttering performances on the field, officials are confident in the strength of the brand and believe United’s red shirt remains attractive to potential partners, given their global following and the overall popularity of the Premier League .
United claimed recently that their following across the world had reached 1.1billion and executive vice chairman Ed Woodward has vowed that sponsorship revenue will be key to the size of their transfer fund.
A Un ited spokesperson said: ‘Chevrolet is a fantastic partner. The sponsorship continues to achieve the brand and business objectives for both parties and we will continue to work to activate and maximise it. ‘
GM did not respond to requests for comment.
United’s current seven-year deal with Chevrolet is worth a record £ 450 m and ends in 2021
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