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Thu Apr 24 14:36:33 SAST 2014

Manchester United to receive $559 million from GM

Sapa-AP | 04 August, 2012 08:340 Comments
Players of Manchester United give thanks to fans after the Friendly Match between Shanghai Shenhua and Manchester United at Shanghai Stadium on July 25, 2012 in Shanghai, China
Image by: Hong Wu / Getty Images

Manchester United will receive $559 million under its seven-year shirt sponsorship agreement with General Motors Co.’s Chevrolet division.

Chevrolet takes over from the insurer Aon starting with the 2014-15 season. Manchester United said it will receive $70 million during the first season of the new deal.

The agreement was signed July 26 and announced Monday. The financial details were disclosed by the club on Friday in a filing with the US Securities and Exchange Commission as part of Manchester United’s planned initial public offering of stock.

United said the payment will increase 2.1% annually during the deal, which runs through the 2020-21 season. In addition, the club said the agreement calls for them to receive about $18.6 million in fees in each of the 2012-13 and 2013-14 seasons.

General Motors announced the resignation of its chief marketing officer, Joel Ewanick, on Sunday night. Ewanick had been involved in negotiating the deal.

“Mr. Ewanick failed to meet the expectations the company set for its employees,” spokesman Greg Martin said Friday, declining additional comment.

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