Manchester United FC: TeamViewer (main shirt sponsor) investors call for partnership to end

Petrus Advisers, an investment company based in London (ENG) and a shareholder of almost 3% in the German IT company TeamViewer GmbH, has called for an end to the company's partnerships with Manchester United FC (Premier League) and Mercedes-AMG Petronas F1 Team (Formula 1), via a letter addressed to Oliver Steil, CEO of the company, relayed by the media on 17/11/2022.

The partnership shows "a sign of hubris and appalling judgment. As active investors we will not tolerate that you spend ca. 1.4x your net profit or over €70m per year on sponsorship contracts with Manchester United and Mercedes Formula 1. You are not SAP, Oracle or Mercedes. Yet, you do not seem to get it," said Klaus Umek, managing partner and Till Hufnagel, partner of Petrus Advisers.

TeamViewer succeeded American car manufacturer Chevrolet as Manchester United's main shirt sponsor for five seasons (2021-2026) on 19/03/2021. The German company pays an annual fee of €54.8m to the club, making it the most lucrative sponsorship deal in the Premier League. TeamViewer also became a partner of Mercedes-AMG Petronas F1…