Soccer: General Motors to sponsor Manchester United jerseys for $559MChevrolet takes over from the insurer Aon starting with the 2014-15 season.
By: Ronald Blum, Associated Press
NEW YORK — Manchester United will receive $559 million under its seven-year shirt sponsorship agreement with General Motors Co.'s Chevrolet division.
Chevrolet takes over from the insurer Aon starting with the 2014-15 season. Manchester United said it will receive $70 million during the first season of the new deal.
The agreement was signed July 26 and announced Monday. The financial details were disclosed by the soccer team Friday in a filing with the U.S. Securities and Exchange Commission as part of Manchester United's planned initial public offering of stock.
United said the payment will increase 2.1 percent annually during the deal, which runs through the 2020-21 season. In addition, the Red Devils said the agreement calls for them to receive about $18.6 million in fees in each of the 2012-13 and 2013-14 seasons.