Manchester United Plc's (NYSE:MANU) barely registered a reaction to what is described as the “world’s biggest” shirt sponsorship deal with Qualcomm.
Qualcomm’s Snapdragon brand will adorn Manchester United shirts starting from the 2024/25 season, with the chip-maker reportedly paying some £60 million a year – to surpass the prior ‘more expensive’ deal currently in place with Fly Emirates sponsoring Real Madrid.
Manchester United’s official statement did not disclose financial details or the contract term.
It comes after existing shirt sponsor Teamviewer last year announced it would prematurely end its arrangement with the club over cost concerns amongst shareholders and the software company’s board.
The Teamview deal was worth around £47 million a year to the football club.
In New York, Manchester United’s share price was up just 0.25%, at $19.77, in Wednesday’s early deals, underlining that investors remain focused more on the protracted and unresolved takeover and/or financing process that’s been underway for around ten months.
Earlier in September, Manchester United shares gave up around 20% in one trading day to lose around $700 million of market value, amidst media reports that the Glazer family were end the sales process.
Nothing has been confirmed by the club, either way, since those media reports.