Man Utd searching for NEW shirt sponsor, agreeing to buy back rights to £235m

Manchester United will cut short their £235million deal with shirt sponsors Team Viewer after agreeing to buy back the rights to the deal.

Sportsmail exclusively revealed in August that Team Viewer had got cold feet over the five-year agreement only 18 months after it was announced in March 2021 and had already decided not to renew it in 2026.

The German technology company, who replaced Chevrolet on United’s shirts, had lost four fifths of its value amid concerns they had overstretched by committing to the £47m-a-year deal.

The two sides have now agreed an exit strategy with United confirming last night that they have ‘reached a mutually beneficial agreement under which Manchester United shall have the option to buy back the rights to the club’s shirt front sponsorship’.

The statement pointed out that the deal had been struck at the height of the pandemic with United now confident of agreeing an even better sponsorship in a ‘normalised market’.

Team Viewer will remain on United’s shirts until a replacement can be found and continue to be a global partner.

The initial deal was signed during the COVID-19 pandemic, with TeamViewer negotiating a lower price than United's former sponsor, Chevrolet, with the football club accepting a £17m price reduction from the telecoms firm.

It now appears that the club, who are currently up for sale, are looking to get a deal in a more 'normalised market'.

The news comes as TeamViewer released a statement last month suggesting that the firm would be 'reviewing their long-term strategy' with the club.

The organisations investors, Petrus Advisers, who are believed to have a 3 percent stake in TeamViewer, had also claimed that the £235m deal was 'a sign of appalling judgement.'