Manchester United has signed a record shirt sponsorship deal with the American carmaker General Motors. The deal, which could see Manchester United pocket around £ 210 million over seven years, easily beats the current recordholder Manchester City by many millions, according to the Man City news website.
City enjoyed the status of having the record shirt sponsorship deal due to the fact that their sponsor pays around £ 25 million per season. Manchester United’s sponsor – General Motors, though, will pay around £ 30 million per season for the next seven years in order to remain on the Manchester United kit. This record-breaking deal comfortably eclipses the previous deal Manchester United had with the American insurance company AON.
The club recently were placed on the New York stock exchange with shares selling for around $ 20. It is estimated that the club hopes to raise around £ 300 million by way of this listing. Around £ 150 million will be directly going into servicing the debt, which currently stands at £ 450 million. It has hampered the progress of the club a lot in recent times, with the manager Sir Alex Ferguson unable to compete with the best in terms of the transfer fees. Manchester United recently had to lose out on the signing of Eden Hazard because they were unable to match the European champions’ offer.
“We have been partners with Chevrolet for only six weeks, but already they have produced some fantastic ideas that will benefit both the partnership and our 659 million followers around the world,” said the commercial director of the club, Richard Arnold, on the official website of the club. Manchester United are definitely one of the biggest clubs in the world and they are valued at around $ 2.5 million in the latest report released by the US magazine Forbes. Manchester United’s Old Trafford stadium is also the biggest club ground in the UK.