CHICAGO Aug 4 Manchester United Ltd.'s deal
with General Motors Co. to sponsor the hugely popular soccer
club's shirts will bring in $559 million over the agreement's
seven-year term, the club said in a regulatory filing Friday.
Terms were first reported by Reuters on July 30.
The disclosure of the record-breaking deal, which will put
GM's Chevrolet brand name on the soccer team's famous red
jerseys, came as Manchester United supporters called for a
boycott of sponsors' products to pressure the club's American
owners to shelve a plan to float the club's stock.
Manchester United Supporters Trust, which has 180,000
members, has fought a high-profile campaign against the American
Glazer family, which plans to list United on the New York Stock
Exchange this month.
The agreement with GM starts in the 2014-2015 season, but
the club will start to reap some financial benefits as soon as
this year, Friday's filing said.
GM will pay fees of $18.6 million in this year's and next
year's season, it said, before paying $70 million in the
2014-2105 season. GM's payments will rise 2.1 percent each
season thereafter, through the 2020-2021 season, it said.
U.S. automaker's global marketing chief was ousted in
connection with a deal with the popular English soccer club.
GM's payments are more than double the current fee paid by
insurance broker Aon.
The agreement was announced the day after the Detroit
automaker said it was removing its global marketing chief, Joel
Ewanick, because he "failed to meet the expectations that the
company has for its employees."
Sources told Reuters Ewanick didn't properly report
financial details about the jersey deal.