"Given the success and growth of women’s sport, especially soccer, many brands may view this as a more cost-effective alternative while still delivering significant value.” DigialBits defaulting on their payments to Inter Milan for their $100 million deal, along with the wider sector crash, also suggests that the cryptocurrency sector is unlikely to be the economic sponsorship savior many had hoped for. "Liverpool and Chelsea both renewed their front-of-shirt sponsorships for equivalent value as their previous deals with Standard Chartered and Three, respectively, suggesting that we may have reached the peak of brand spend for premium sports sponsorship properties.
"While Manchester United will believe that their brand still has significant value, this is the second major sponsorship signed in a row that has seen immediate repercussions. The person who signed their previous $70 million a year deal at Chevrolet lost their job as a result, and now the CEO at TeamViewer saying they will not renew despite an increase in brand awareness, which has come as a detriment to share price, will be seen as a significant blow to the prestige of the Manchester United and sport sponsorships in general.
TEAMVIEWER MANCHESTER UNITED SPONSOR DRIVER
Last month, Manchester United unveiled international IT services firm DXC Technology as their new sleeve sponsor in a multi-year deal.īlockchain engagement company Tezos is the team’s training kit partner, while German sportswear giant Adidas is their kit supplier.Ĭonrad Wiacek, head of sport analysis at GlobalData, commented: "Sport sponsorship has long been seen to be a significant value driver for brands looking to engage a passionate and dedicated audience but this announcement from TeamViewer suggests that premium sponsorship may be losing its allure. It is understood that several shareholders were against the lucrative sponsorship agreement and the impact it would have on its finances.
The company’s chief executive Oliver Steil explained: "The current macro-economic environment has made decision-makers more cautious, and has postponed investments." TeamViewer's share price has dropped more than 70% since the company’s partnership with the Premier League side was announced in March 2021. Nevertheless, the company has decided to re-evaluate its long-term marketing strategy." In a statement, TeamViewer said: "The partnership (with Manchester United) has clearly boosted the international recognition of the brand over the past year.
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