![]() ![]() TeamViewer ended 2022 with a brief release announcing it had reached an agreement with Manchester United for an added buyback option related to its shirt front sponsorship rights. At ~8x fwd EBITDA (~17x trailing), this is still priced like a growth stock, and any disappointments ahead could lead to a further de-rating.ĭata by YCharts Costly Manchester United Sponsorship Agreement Revised TeamViewer is pinning its hopes on price hikes in Q4 2022, but given the price-sensitive nature of its clients, the company could see higher churn as well. In the meantime, management’s reiterated FY22 guidance could still see downside heading into Q4 amid headwinds from a post-COVID demand slowdown for remote solutions, as well as higher competition across its predominantly small/medium business client base. Whether the club can find an alternative sponsor is another matter entirely given the ongoing pressure on marketing budgets amid a macro/consumer slowdown, I would hold off on underwriting a full P&L impact anytime soon. On paper, drawing the line on what has been a dilutive marketing contract marks another positive step by the new CFO in optimizing the financial profile. United decided to go into partnership with them as they feel they fit well with the brand because they are dynamic, innovative and have interest in expanding into global markets.Morsa Images/DigitalVision via Getty ImagesĬonnectivity platform TeamViewer ( OTCPK:TMVWF) recently disclosed a potential exit from its Manchester United ( MANU) sponsorship deal, offering the club buyback rights to the shirt sponsorship should it successfully land a replacement sponsor. It produces software which is downloaded to allow remote control and maintenance of computers and other devices and has been installed on over two billion devices. TeamViewer is a German-based technology company founded in 2005. We are looking forward to working with TeamViewer to bring to life our vision for a partnership built on smarter ways of connecting people and businesses.” ![]() “The ability to connect and collaborate has never been more important to the world and our community of 1.1 billion fans and followers. Richard Arnold, United’s managing director, said: “We are tremendously proud to be establishing this partnership with one of the most exciting and dynamic global software companies. It is not yet known if a deal will be struck to incorporate both, or if the club will find separate companies for each. AON signed an eight-year deal to sponsor the club’s Carrington training base back in 2013. ![]() The club are also looking into a new sponsor for their training kit and training ground. ![]() It also means that the club will now look for a new automobile sponsor with their deal with Chevrolet coming to an end. It puts the deal on a level with the one Barcelona signed with Rakuten back in 2016 and United believe it is the biggest shirt only deal in the Premier League. It is understood the deal is worth around £47m ($65m) per season and will see United earn around £235m during the duration of the contract. TeamViewer have now been confirmed as the club’s principal shirt sponsor for the next five years. The deal, which is the biggest shirt-only sponsor in the Premier League, will see TeamViewer’s logo in white on the front of United shirts from the start of next season.Ĭhevrolet have been the club’s main shirt sponsor for nearly seven years but, despite agreeing to extend their deal for six months, which would take them halfway through next season, there was no plan to extend it for an eighth year. Manchester United have secured a new shirt sponsor deal with TeamViewer worth £235 million ($326m) ahead of their current deal with Chevrolet expiring. They will replace Chevrolet on the front of Red Devils shirts from the start of next season ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |