The remote control software company TeamViewer, which sponsored Manchester United's shirts for a year, has decided not to extend the 5-year sponsorship agreement it made with the Red Devils after it expires in 2026.

Shares of TeamViewer have lost up to 80% of their value since a sponsorship deal with Manchester United was announced a year ago.

In March 2021, the German business agreed to take over Chevrolet's spot on the jersey's torso in exchange for a £235 million contract. Financial analysts in Germany have already declared the five-year agreement that TeamViewer signed to be invalid. In the most recent financial report, which was presented on Wednesday, the share price decreased by 8%. The company recovered 5% after it was revealed to be terminating the deal with Manchester United.

According to TimeViewer, the partnership with United "clearly increased brand recognition last year." However, the company has decided to review its long-term marketing strategy in light of the current macroeconomic environment.

According to the Daily Mail , Manchester United took on the sponsorship deal with TeamViewer for a reduction of 17 million pounds compared to the 64 million guaranteed with Chevrolet . Within the financial heart of the Manchester team, they hope to find a replacement that meets the needs and cache of the club for 2026.

This comes days after news broke that Manchester United were to replace their manga sponsorship company, Kohler, with US company DXC Technology for an unknown amount and time frame.