Thursday December 7, 2023

Activist Investor Calls to End F1 and Man U Deals

  • Petrus believes the deals are too expensive and show “appalling judgment.”
  • The firm holds a stake smaller than 3% in TeamViewer.
Manchester United star Cristiano Ronaldo stares into crowd during game
MUFC
Linkedin
Copy Link
Link Copied
Link Copied

An activist investor has called on a tech company to end its sponsorship deals with two of the most recognizable brands in sports.

Investment firm Petrus Advisers has asked software giant TeamViewer AG to end its deals with the Premier League’s Manchester United and the Mercedes-AMG Petronas Formula 1 team. 

  • Petrus believes the deals are too expensive and show “appalling judgment.”
  • The firm holds a stake smaller than 3% in TeamViewer.
  • It vowed not to tolerate TeamViewer spending more than $73 million on the deals. 

In March 2021, TeamViewer secured a five-year shirt sponsorship deal with Man U, replacing Chevrolet in a pact worth $57 million annually. It was one of the most expensive shirt deals in soccer behind Liverpool’s $59 million-per-year deal with British bank Standard Chartered

In August, TeamViewer decided not to renew its deal with Man U after it expires in 2026, as the company has lost 80% of its market value since the pact after a peak of $10.3 billion in 2020.  

TeamViewer is expected to spend “millions” on its five-year deal with Mercedes’ F1 team. 

Cutting Crypto 

Last week, Mercedes’ F1 team suspended its multiyear sponsorship deal with FTX after the cryptocurrency exchange — along with over 130 affiliated companies — filed for bankruptcy.

Mercedes joined the Miami Heat and esports organization TSM as sports-related entities who temporarily or permanently severed ties with the controversial crypto exchange.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

Ex-Jags Employee Accused of Stealing $22M, Going on Massive Shopping Spree

Executive accused of using team funds to fund lavish personal lifestyle.

NBA in Vegas? LeBron and RedBird Are All In

RedBird Capital Partners, Fenway Sports Group working with NBA superstar.

Waiting Game: MLB Teams on Hold As Shohei Ohtani's Big Decision Looms

Delay in completing record-setting deal creating a freeze across league.
podcast thumbnail mobile
Front Office Sports Today

Why the NBA May Have Made Billions With Midseason Tournament

0:00
0:00

Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
FanDuel
Multiple Locations
Adidas
Multiple Locations
Creative Artists Agency
Multiple Locations
Jon Rahm
exclusive

LIV Golf’s Signing of Jon Rahm Further Complicates Partnership Negotiations

The world's third-ranked golfer is joining LIV Golf's roster.
A view of a 1914 Baeb Ruth rookie card in a protective casing from the Sportscard Guaranty Company.
December 4, 2023

Babe Ruth Rookie Card Sets Player Record at $7.2M

It’s the most expensive piece of Babe Ruth memorabilia ever sold.
Shaun White Josh Harris
December 6, 2023

Josh Harris Doubles Down on Sports as an Asset Class with Latest Investment

Shaun White is partnering with Washington Commanders owners Josh Harris and David Blitzer to purchase an action sports camp.
Sponsored

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
PFL Bellator
November 20, 2023

PFL Completes Acquisition of Bellator, Readies to Challenge UFC

“Today, the MMA market changed,” PFL Founder Donn Davis said.
November 14, 2023

German Soccer Pushing $1.1B Rights Deal To Private Equity Investors

Governing body mounting third attempt for outside investment
CAA logo on side on building
November 13, 2023

CAA Forms Sports-Focused Investment Bank In Continued Expansion Push

Powerhouse agency looks to further expand dealmaking capabilities
Mercedes-AMG Petronas driver George Russell drives on the track during the Formula One Las Vegas Grand Prix Launch Party at Las Vegas Strip.
November 10, 2023

Ticket, Hotel Prices Plummet As Las Vegas GP Nears

Lack of competitive drama for F1 event fuels market crash