Manchester United has extended the sponsorship deal with Chevrolet by six months due to the financial disruption caused due to Covid-19 pandemic. As a result, Man Utd will continue to have the Chevrolet logo on the kits until the end of December 2021.
Chevrolet and Manchester United signed a bumper deal worth $560 million in 2012. The deal was set to expire at the end of the 2020/21 season. United decided to extend the deal by six months to offset the financial hit caused by the pandemic. The English club may have two different sponsors during the next campaign.
The six months extension will certainly guarantee the club constant revenue, with the club currently predicting a shortfall of £70 million as a result of the crisis. General Motors will reportedly pay the remaining sums in installments over a longer period.
As per the latest financial statement from Man United, the club has slumped to a net loss of £23.2 million ($30.3 million) in the last financial year as the matches were played behind closed doors, while rebate was paid to broadcasters. The English club’s net debt rose by 10% to £474million at the end of June compared to the last financial statement in March.