BERLIN (Reuters) – Teamviewer is in contact with Manchester United about amending its existing contract, a spokesperson for the German software company said on Thursday, in response to a letter from Petrus Advisers calling its sponsorship deals “a sign of hubris and appalling judgment”.
“TeamViewer had announced – as part of its Q2 communications – not to prolong the Manchester United partnership beyond its initial term,” said the spokesperson. “In addition, the company has already communicated its desire to explore opportunities to amend the existing contract.”
In a letter on Wednesday, Petrus had called for Teamviewer to end its sponsorship deals with Manchester United and Formula One.
“As active investors we will not tolerate that you spend ca. 1.4x your net profit or over 70 million euros per year on sponsorship contracts with Manchester United and Mercedes Formula 1,” Petrus said. “You are not SAP, Oracle or Mercedes.”
The Teamviewer spokesperson did not mention the company’s plans regarding its Formula One sponsorship.
(Reporting by Hakan Ersen, Writing by Miranda Murray, Editing by Rachel More)
