Man United set to sign new £70 million shirt sponsor deal with Chevrolet contract expiring

With Chevrolet's contract with Man United ending soon, Ed Woodward is reportedly making arrangements for a new £70m sponsorship deal which could provide a huge boost to the club. As per reports, a 'mystery' American software company is the leading candidate to take over. Ed Woodward has reportedly reassured investors that such deals will help The Red Devils to rebound successfully after the COVID-19 pandemic.

Also Read Man United Transfer News: PL Giants Set To Look Beyond Jadon Sancho In 2021 Summer Window

Man United Chevrolet deal

Last year, Premier League giants Man United added another six months to their shirt sponsorship deal with Chevrolet with the contract now set to expire in December 2021. The extension arose due to the disruption caused by the pandemic. "In August 2020, due to the disruption caused by the pandemic, [Manchester United] entered into a variation agreement with General Motors (Chevrolet) to extend the maturity date of the original shirt sponsor agreement by a period of six months to 31st December 2021," as per a statement in Man United's financial results.

Also Read Man United Transfer News: Red Devils Send Scout To Sevilla To Keep Tab On Jules Kounde

Man United shirt sponsor deal

Although the current Man United Chevrolet deal is the largest in the game, Ed Woodward seems confident of pulling out another major deal. The current Man United Chevrolet deal is reportedly worth UK£64 million (US$83 million) a season. If Ed Woodward manages a new deal, it would be just the sixth different shirt sponsor in United's history. The previous Man United sponsors list includes Sharp, Vodafone, AIG, AON and Chevrolet.

Also Read Man United Transfer News: Real Madrid CB Raphael Varane Becomes £70m Target For Solskjaer

Man United net debt

While unveiling the club's latest financial results, Ed Woodward admitted that the club was still in the middle of an unprecedented situation, but highlighted that it will come out stronger as a result of clear progress under Ole Gunnar Solskjaer. Woodward said, "We are pleased about our this season’s on-pitch progress and the strength of our current squad and equally bullish on our long-term prospects." However, the biggest concern for Man United is their net debt which increased significantly as a result of the COVID-19 pandemic.

Man United posted an incredible net debt of £455.5million in their latest set of financial results as the net debt rose by £64.2 million in the last 12 months. United's revenue streams were severely impacted as their matchday revenue fell by 95.5 per cent compared to last year. However, with Ed Woodward confident in a new Man United shirt sponsor, the Red Devils could rebound from the financial strains caused by the COVID-19 pandemic.

Also Read Solskjaer Becomes Only Manager To Win Thrice In A Row Away Against Guardiola's Man City